The Power Sector Assets and Liabilities Management Corp. (PSALM) and Aboitiz Power Corp.’s subsidiary Therma Luzon Inc. (TLI) formalized TLI’s acquisition of Pagbilao properties in Quezon valued at P2.95 billion.
The state firm said on Wednesday that a ceremonial signing was recently held at the PSALM office in Quezon City, led by PSALM President and CEO Dennis Edward A. Dela Serna and TLI executives.
The acquisition of the 1.06 million hectares successfully concludes one of PSALM’s power sector privatization targets.
For TLI and AboitizPower, the transaction represents a long-term commitment to operating the Pagbilao facility responsibly to support the Philippines’ growing energy requirements and long-term energy security.
‘The ceremonial signing marks the successful conclusion of one of PSALM’s privatization targets and reflects the shared commitment between government and private sector stakeholders to energy security and national development,’ Dela Serna said.
PSALM was created under Republic Act 9136, or the Electric Power Industry Reform Act of 2001, to lead the privatization of generation and transmission assets of the National Power Corp.
The state firm is also bidding out its 39,698-square-meter property in Diliman, Quezon City, with a minimum bid price of P11.09 billion.
Sold on an ‘as-is, where-is’ basis, the property excludes 12,250 square meters occupied by the facilities of the National Grid Corporation of the Philippines, which will remain in use until January 15, 2034.
PSALM said the bidding is open to qualified individuals, sole proprietors, cooperatives, corporations, partnerships, joint ventures, consortium, government-owned entities, and local government units authorized to acquire and develop real property in the Philippines. Private entities must be at least 60 percent Filipino-owned.