STATE-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) has identified power firm Panasia Energy, Inc. and service contractor Toplis Solutions, Inc. as the prospective bidders for its 50,447 square-meter property in Mexico, Pampanga.
In an e-mailed statement on Thursday, PSALM said that the two firms participated in a pre-bid conference, which allowed interested buyers to raise questions and concerns on the terms and conditions of the bidding.
Panasia owns and operates the 540-megawatt oil-fired Bataan combined cycle power plant in Limay, Bataan. Meanwhile, Toplis is a local firm engaged in service contracting.
PSALM’s Mexico property, which is up for sale, is comprised of a lot in Brgy. Lagundi, Pampanga, along Jose Abad Santos Ave. It is said to be suited for residential and commercial real estate development.
The state-led entity’s board of directors set its minimum offer price to P741.33 million.
The deadline of bid submissions for the asset is on Oct. 20, and the opening and evaluation of bids will immediately follow.
The bidding package may be downloaded from PSALM’s website until Oct. 18. Only firms that have paid the participation fee and have submitted a form of acceptance of the bidding procedures can participate in the auction.
Proceeds from the sale will help PSALM settle its outstanding debt assumed from the National Power Corp. (Napocor).
Under Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001, PSALM is required to manage the orderly sale, disposition and privatization of Napocor’s assets, including real estate, so it can liquidate all of the latter’s financial obligations in an optimal manner.
Earlier this week, PSALM President and Chief Executive Officer Irene Joy J. Besido-Garcia said that the entity’s financial obligations stood at P368 billion as of June 2021. — Angelica Y. Yang