PSALM to rebid three properties worth over P470m

By Alena Mae S. Flores – January 24, 2025, 7:50 pm
from manilastandard.net

State-run Power Sector Assets and Liabilities Management Corp. (PSALM) set the second round of bidding for the sale of three lots in Sto. Tomas City, Batangas and Calamba City, Laguna with minimum price of P473.168 million this month.

PSALM president Dennis dela Serna said one bidder submitted an offer during the first bid round for the real estate properties totaling 58,911 square meters.

“Section IB-20 provides that there shall be failure of bidding if less than two entities have paid the participation fee until two business days prior to the bid submission deadline, which is on 18 November 2024. At the end of business hours on 18 November 2024, only one bidder, namely Maibarara Geothermal Inc.,” dela Serna said.

He said one bidder also expressed interest in the second round with the bid submission deadline scheduled on Jan. 30, 2025.

PSALM held the first bid submission deadline and opening on Nov. 20, 2024 where only MGI submitted an offer.

MGI is the joint venture of PetroGreen Energy Corp. (65 percent), PHINMA Energy (25 percent) and PNOC Renewable Corp. (10 percent).

MGI is the developer and operator of the 20-megawatt Maibarara-1 and 12-MW Maibarara-2 Geothermal Power Project (MGPP) in Sto. Tomas, Batangas.

According to PSALM’s bidding procedures, Lot No. 5255-B (Lot B) and Lot No. 5253-A are covered by a land lease agreement among National Power Corp. (NPC), PSALM and MGI for 25 years commencing on May 2, 2012 and will expire on May 2, 2037, while Lot No. 4256-A is covered by a LLA among PSALM and MGI for one year commencing on April 15, 2024 and will expire on April 14, 2025.