MASINLOC SOLD
The government announced the sale, finally, of the 600-megawatt Masinloc coal-fired power plant in Zambales.
This is significant because Masinloc is the most valuable among the power-generating plants of the National Power Corp. and has been the subject of questioned attempts to sell it to favored bidders.
The Singaporean-led consortium Masinloc Power Partners Co. Ltd. won the auction after submitting a $930-million bid. It will be asked to pay 20 percent of that price up front after the official transfer of the plant.
The MPPC is affiliated with Singapore’s AES Transpower Pte. Ltd., an investment holding and service company for entities involved in generating, accumulating and trading electricity.
Losing bidders included big names: Masinloc Consolidated Power Inc. (which bid $588 million), Masinloc Holdco Inc. ($606 million), Anglo Cayman Energy Development Co. Ltd. ($650 million); First Gen Luzon Power Corp. ($710 million).
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BID CANCELLED: The first round of Masinloc bidding in 2004 failed because the only buyer, the supposed winner, would not pay the required deposit until it is assured of signing a firm supply contract with a generator or distributor.
In that bidding in 2004, YNN Pacific Consortium offered $560 million. But it failed to deliver the 40-percent up-front payment of $270 million.
The Power Sector Assets and Liabilities Management which oversaw the bidding forfeited YNN’s performance bond of $14 million in July 2006.
Another major transfer of power assets months ago was of Mirant - the biggest independent power producer - selling its assets in the country to a consortium of Tokyo Electric Power and Marubeni Corp. (ABS-CBN)
This is significant because Masinloc is the most valuable among the power-generating plants of the National Power Corp. and has been the subject of questioned attempts to sell it to favored bidders.
The Singaporean-led consortium Masinloc Power Partners Co. Ltd. won the auction after submitting a $930-million bid. It will be asked to pay 20 percent of that price up front after the official transfer of the plant.
The MPPC is affiliated with Singapore’s AES Transpower Pte. Ltd., an investment holding and service company for entities involved in generating, accumulating and trading electricity.
Losing bidders included big names: Masinloc Consolidated Power Inc. (which bid $588 million), Masinloc Holdco Inc. ($606 million), Anglo Cayman Energy Development Co. Ltd. ($650 million); First Gen Luzon Power Corp. ($710 million).
* * *
BID CANCELLED: The first round of Masinloc bidding in 2004 failed because the only buyer, the supposed winner, would not pay the required deposit until it is assured of signing a firm supply contract with a generator or distributor.
In that bidding in 2004, YNN Pacific Consortium offered $560 million. But it failed to deliver the 40-percent up-front payment of $270 million.
The Power Sector Assets and Liabilities Management which oversaw the bidding forfeited YNN’s performance bond of $14 million in July 2006.
Another major transfer of power assets months ago was of Mirant - the biggest independent power producer - selling its assets in the country to a consortium of Tokyo Electric Power and Marubeni Corp. (ABS-CBN)
posted by OlongapoCity Zambales at
7:40 AM
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