The Philippines said on Wednesday it has deferred the sale of two geothermal power plants by about three weeks to give interested buyers more time to complete bidding requirements.
The sale of the 289 megawatt Tiwi Plant in Albay province, and the 458.5 MW Makban in Laguna and Batangas, all on the main island of Luzon, was moved to June 27 from June 4.
"We decided to extend the bid submission deadline for the Tiwi-Makban geothermal complex to heed the request of the nine prospective bidders for more time to complete their deliverables, including conducting their due diligence," the Power Sector Assets and Liabilities Managament Corp (PSALM) said in a statement.
PSALM, which is tasked to oversee the sale of the government's power assets, said it expects a successful auction after power supply contracts were attached to the sale of the plants.
The government has been guaranteeing supply contracts for plants it wants to sell to assure potential buyers of a ready income stream.
Philippine geothermal firm PNOC-Energy Development Corp, which was bought by local power producer First Gen last year, is among the interested bidders.
The Philippines has 22 active volcanoes and is the world's second largest producer of geothermal energy after the United States, as it sits on the seismically active Ring of Fire that also includes Indonesia.
Geothermal power accounts for 18 percent of the Philippines' energy mix.
Source: www.abs-cbnnews.com
Philippines two power plants
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