PSALM to auction decomissioned plant in Feb
12/27/2007 | 04:26 PM
The Power Sector Assets and Liabilities Management Corp. will be auctioning the decommissioned Manila Thermal Power Plant by February 2008, ahead of the sale of the Palinpinon geothermal power facility.
"We'll try to have (the auction of MTTP) within the first half of February," Froilan Tampinco, PSALM vice-president told reporters. The sale of the Palinpinon facility was scheduled for Dec. 19, but was postponed pending further amendments to the long-term steam supply agreement to be attached to the plant.
Initially, PSALM scheduled the MTTP's privatization for Dec. 19, but postponed it for the rescheduled Palinpinon auction.
Located in Ermita along the Pasig River, MTPP spans about two hectares of prime commercial land in Paco, Manila.
Four real estate developers, according to PSALM have expressed interest to MTPP after PSALM decided to include the underlying property in the auction.
Tampinco said the real estate firms have the option to develop the land into commercial projects such as shopping malls or complexes.
He said the group that will buy MTPP should be majority owned by Filipinos. Under the law, no foreigners should own real estate properties in the Philippines.
Retired in January 2000, the facilities contributed power to the Luzon grid since 1965. All plant systems are intact and all major equipment properly maintained and preserved.
The first two biddings for the MTPP in 2005 and 2006 failed primarily due to lack of investor interest. - GMANews.TV
"We'll try to have (the auction of MTTP) within the first half of February," Froilan Tampinco, PSALM vice-president told reporters. The sale of the Palinpinon facility was scheduled for Dec. 19, but was postponed pending further amendments to the long-term steam supply agreement to be attached to the plant.
Initially, PSALM scheduled the MTTP's privatization for Dec. 19, but postponed it for the rescheduled Palinpinon auction.
Located in Ermita along the Pasig River, MTPP spans about two hectares of prime commercial land in Paco, Manila.
Four real estate developers, according to PSALM have expressed interest to MTPP after PSALM decided to include the underlying property in the auction.
Tampinco said the real estate firms have the option to develop the land into commercial projects such as shopping malls or complexes.
He said the group that will buy MTPP should be majority owned by Filipinos. Under the law, no foreigners should own real estate properties in the Philippines.
Retired in January 2000, the facilities contributed power to the Luzon grid since 1965. All plant systems are intact and all major equipment properly maintained and preserved.
The first two biddings for the MTPP in 2005 and 2006 failed primarily due to lack of investor interest. - GMANews.TV
