Limay Combined Cycle plant

active

In August 2009, Power Sector Assets and Liabilities Management (PSALM) finalized the sale of 620 MW Limay Combined Cycle plant and sold it to San Miguel Energy Corp (SMEC) for US$13.5 million under a negotiated transaction after three failed attempts to auction off the diesel-fired station. Tentative auctions in July 2008 and January 2009 failed due to lack of bidders. In February 2009, the government opted for its first negotiated sale after two failed auction attempts, but also failed for the same reason. In August 2009 San Miguel Energy Corp SMEC won the contract, exceeding the government's reserve price for the plant by offering US$13.5 million for the plant. PSALM refused to reveal reserve price. No further detailed information on financing was available.