The Naga facility is the seventh operating power plant sold by PSALM this year.
In bagging its third power asset, SPC agreed to match the reserve price of $1.008m set by the PSALM Board for the Cebu-based power plant. The company’s initial offer was $429,488.
SPC is also the new owner of 146.5MW Panay and 22MW Bohol diesel power plants, which PSALM bid out in November last year.
PSALM will issue a notice of award to SPC to formally declare the company as the new owner of the Naga LBGT as soon as the accuracy, authenticity, and completeness of the bid documents it had submitted are verified by PSALM’s Privatization Bids and Awards Committee.
Prior to its negotiated sale, the Naga LBGT underwent two unsuccessful biddings in April and June 2009. Under its bidding rules, PSALM may opt to enter into negotiations with any interested party after two failed biddings.
