Philippines plans auction of geothermal power plants in 2008
Published October 22nd, 2007
The Philippine government plans to auction off at least five more power plants of state utility National Power Corp. next year, an official of the agency tasked with handling the privatization said over the weekend.
Most of the facilities run on geothermal energy.
Froilan Tampinco, vice president for asset management of the Power Sector Assets & Liabilities Management Corp., or Psalm, said lined up for sale next year are the 685-megawatt Tiwi-MakBan geothermal power plant complex located in the provinces of Bicol and Laguna, the 112-MW Tongonan geothermal and 220-MW diesel power plant package in Leyte and Bohol, and the 150-MW Bacon-Manito geothermal plant in Sorsogon.
Last week, Psalm sold the 600-MW Calaca coal-fired power plant located in Batangas province to Calaca Holdco Inc., a special purpose company of Suez Tracetebel SA, for $786.5 million.
The government has been selling National Power’s assets to pay down debts and pave the way for the entry of more private investments in the capital-intensive industry.
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