Singapore-linked consortium wins auction for Philippine power plant
Published July 27th, 2007
A consortium led by Singaporean firm AES Transpower Pte. Ltd., has won the auction to run a 600-megawatt power plant in the Philippines, a government agency said on Friday.
The consortium of Masinloc Power Partners Co. Ltd. cast the winning bid of US$930 million for the Masinloc coal-fired thermal power plant, beating five other bidders, the Power Sector Assets and Liabilities Management Corporation (PSALM) announced.
This marks the biggest privatisation of Philippine state power-generation assets so far.
PSALM will declare Masinloc Power the winning bidder as soon as it has verified that all the documents submitted comply with the conditions.
Energy Secretary Raphael Lotilla expressed confidence the new owners will expand the Masinloc power plant, located in Zambales province, northwest of Manila.
PSALM is tasked with privatising 31 assets of the state-owned National Power Corporation.
The auction of the Masinloc plant marks the ninth successful sale of a power plant so far.
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