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PIA Press Release
2009/02/17

Power Barge 117 rebidding attracts two investors

Manila (17 February) -- The second round of bidding for the 100-megawatt (MW) Power Barge (PB) 117 has attracted two investor groups that have completed the preparatory requirements set by the Power Sector Assets and Liabilities Management Corporation (PSALM) for the sale of the power asset.

PSALM confirmed the investors' interest in participating in the PB 117 bid exercise after receiving the USD2,000 Participation Fee from the two groups, and executing a Confidentiality Agreement and Undertaking with both parties last Friday, 13 February 2009.

PSALM will conduct a Pre-bid Conference with the investors on Wednesday, 18 February 2009, to discuss the Bidding Procedures for the sale of the power facility.

The potential bidders are now conducting their respective due diligence on the power asset, which started on 03 February 2009 and will end on 27 March 2009.

Located in Barangay Sta. Ana, Nasipit, Agusan del Norte, PB 117 will be bid out on 15 April 2009.

One of the conditions for the sale of PB 117 is for the power facility to remain in its current location for at least three years, subject to the terms of the Final Transaction Documents.

PSALM first bid out PB 117 in October last year. The bidding was declared a failure after only one bidder submitted the prerequisite documents. (PIA-MMIO) [top]

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