Olongapo SubicBay BatangGapo Newscenter

Friday, December 10, 2004

Sale of Masinloc coal plant nets $56.1 million for gov't

Communications Director Secretary Silvestre Afable announced today the successful privatization of the 600 megawatt (MW) Masinloc coal power plant in Zambales after a successful bid of $561 million by YNN Pacific Consortium, Inc.

YNN Pacific Consortium Inc. topped the bid of First General Holdings Corporation. Masinloc is the first large power plant to be bid out by the government’s power privatization arm, the Power Sector Assets and Liabilities Management Corporation (PSALM).

"Energy Secretary Vince Perez immediately reported the successful sale of Masinloc to the President and she was very pleased that the bidding was successful," Secretary Afable said.

Secretary Afable noted that the power privatization program is on track and investors’ outlook continue to be positive.

"President Arroyo commended the energy department and PSALM for this landmark accomplishment. She also instructed PSALM President Raphael Lotilla to ensure a smooth transfer of the assets to the highest bidder," Afable added.

According to the Department of Energy, Masinloc is the first large power plant to be bid out by the government’s power privatization arm, the Power Sector Assets and Liabilities Management Corporation (PSALM).

In his report to the President, Energy Secretary Perez described the sale as "a high point in our power privatization efforts". He also stressed that the bid offers for the plant were "respectable" and the integrity of the entire bidding process was safeguarded.

Finance Secretary and Psalm Board Chairperson Juanita D. Amatong said she foresees that the National Power Corporation will make a financial turn around soon with the help of proceeds from the sale of power assets.

Masinloc is the sixth power plant to be successfully privatized through bidding.
Last month, PSALM bid out the 1.2 Loboc hydroelectric plant (HEP) in Bohol to Sta. Clara International for $1.42 million. In September, PSALM bid out the 0.4 MW Cawayan HEP in Sorsogon to Sorsogon II Electric Cooperative, Inc. for $410, 410.

During the first half of the year, PSALM also bid out the Talomo HEP in Davao to Aboitiz-owned Hydro Electric Development Corporation for $1.37 million, while the Lopez energy firm First Generation Holdings gave the highest bid for the Agusan HEP with its offer of US$1.5 million. Barit HEP in Camarines Sur was bid out for US$480,000 to Atty. Ramon Constancio, a US-based Filipino lawyer.


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