PSALM to sell Tiwi-Makban on June 4

The Power Sector Assets and Liabilities Management Corp. on Tuesday set scheduled the auction for the 289-megawatt Tiwi and 459 MW Makban geothermal power plant complex on June 4 this year. PSALM cited continuing high interest of investors in the National Power Corp.'s generating assets as it released the invitation to bid for the power complex, which was first commissioned in 1979. Prospective investors, PSALM said, will have until March 12, 2008 to submit their letters of interest to the asset management firm. PSALM assured buyers that a power supply allocation will be attached to the Tiwi-Makban plant package. According to PSALM, the bid covers the generating assets, steam field facilities, and the Geothermal Resources Sales Contract between PSALM and the Philippine Geothermal Inc., the steam supplier for the two facilities. PSALM will hold a pre-bid conference for interested bidders on April 2, 2008 at its Makati City office. PSALM initially offered the Tiwi and Makban plants as a package in September 2005. The bidding, however, was withdrawn by PSALM to consider changes in the Bidding Procedures and Transaction Documents that the government power privatization firm has been adopting in its recently sold assets. - GMANews.TV