Naga Land-Based Gas Turbine Power Plant

active

In October 2009, the Power Sector Assets and Liabilities Management (PSALM) finalized the sale of 55 MW Naga Land-Based Gas Turbine Power Plant in Cebu by selling it to SPC Power Corp, formerly Salcon Bhd, for $1.008 million through negotiated sale, or competitive bidding where PSALM may opt to enter into negotiations. In January 2009, PSALM launched a first round of bidding for the divestiture of Naga LBGT power plant. In February 2009, two investor groups attended the pre-bid conference. The first round of bidding was declared a failure because only one bidder submitted a bid. In June 2009, the second round of bidding was opened with date for submission of final bids set for September 16, 2009, which also failed. Detailed financing information was not available.