The Philippines’ power sector privatization agency named a newly formed Philippine company the high bidder for privatization of the 800-kW Amlan hydroelectric project.
The government’s Power Sector Assets and Liabilities Management Corp. (PSALM) said December 10 that ICS Renewables Inc. offered US$230,000 for the Visayas-based hydro plant. The bid exceeded the reserve price set by the PSALM board.
Amlan is located in Amlan, Negros Oriental Province. The first power plant to be built in the province, it consists of two 400-kW horizontal turbine-generators intended to operate as a baseload plant serving the town of Amlan and surrounding villages.
PSALM said ICS is a newly incorporated, Filipino-owned firm engaged in the manufacture of alternative fuels. It also is involved in acquiring, developing, owning, leasing, operating, and managing property of all kinds, but including properties using alternative fuels and other environment-friendly facilities.
PSALM said ICS would be declared the winning bidder as soon as the agency verifies the accuracy and completeness of bid documents.
PSALM is attempting to raise up to US$5 billion over several years by selling power plants of debt-strapped National Power Corp. (Napocor). It said the Amlan sale closed out 2008 privatizations on a positive note as it successfully bid out more than its targeted 70 percent of Napocor assets on the Luzon and Visayas grids.
The government declared Amlan’s initial privatization auction a failure after receiving only one bid by the July 23 deadline. The PSALM board then decided immediately to rebid the asset. (HNN 9/2/08)