THE Power Sector Assets and Liabilities Management Corp. (PSALM) said Wednesday that it successfully auctioned the site of a former power plant in Limay, Bataan to Panasia Energy, Inc., which submitted the top bid of P1.02 billion.
In a statement, PSALM said the Limay site consists of 14 lots covering an area of about 139,054 square meters, which it declared suitable for redevelopment for industrial or energy projects.
The company added that the site is located near the Limay Substation, which converts high-voltage transmission electricity to lower voltages for safe and efficient distribution to homes and businesses.
“Portions of these assets are also suitable for residential development as some areas are generally flat with rolling portions,” the company PSALM added.
Panasia’s bid is about five times the valuation of the Landbank of the Philippines of P209.29 million, and four times the PSALM floor price of P250.43 million.
Pan Pacific Renewable Power Philippines Corp., Fort Pilar Energy, Inc., Panasia Energy, Inc., and individual bidder Laylani Latina De Vera submitted bids, while Sta. Clara International Corp. and Cordillera Hydro Corp. withdrew from the auction. Bellagio Holdings did not file a bid.
Panasia’s bid is still subject to post-qualification to validate the documents and information submitted by Panasia.
PSALM President and Chief Executive Officer Irene Joy J. Besido-Garcia said the high winning bid “is a major boost for PSALM’s efforts to raise privatization proceeds” which will be used to settle the financial obligations it assumed from the National Power Corp. — Bianca Angelica D. Anago