Panay and Bohol power plants

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In March 2009, the Power Sector Assets and Liabilities Management (PSALM) fully divested the 146MW diesel-fired Panay and 22MW diesel-fired Bohol power plants by selling them for US$5.86 million to SPC Power Corp. In early 2009, SPC, formerly known as the Salcon Power Corporation, won at the competitive bidding with a bid of US$5.86 million. The bid exceeded the government's reserve price and bested offers from the two other bidders, a US$1 million offer from Therma Power-Visayas, which is owned by the local Aboitiz Power Corporation, and a US$4.73 million offer from the Trans-Asia Oil and Energy Development Corporation, which is owned by the local Philippine Investment Management Inc. No detailed information on financing was available.