SMEC has acquired the 620MW combined cycle power station through a negotiated sale transaction with the Power Sector Assets and Liabilities Management (Psalm). The agency stated that the company has offered $13.502m for the Bataan-based plant, surpassing the reserve price.
The state-run corporation tasked to sell government power assets, said that “The successful negotiated sale was the fourth attempt of PSALM to privatize the Limay plant.”
The power station was designed to reach the base-load demand of the Luzon grid. The power plant is situated in Limay, Bataan in Central Luzon, or approximately 145 kilometers west of Manila. The plant commenced its operations in 1993 with two 310MW modules, Blocks A and B, which consist of three 70MW gas turbines and a 100MW steam turbine, respectively.
PSALM, said: “PSALM also hopes to accelerate fulfilling the remaining precondition to the open access and retail competition declaration — the sale of at least 70% of the total contracted capacities of the National Power Corp. in the Luzon and Visayas grids to independent power producer administrators.”
PSALM would declare SMEC as the winning bidder soon, as the accuracy, authenticity, and completeness of all the submitted bid documents are checked and verified by its board.
