The Power Sector Assets and Liabilities Management Corporation has given the green light to eight entities to proceed with the bidding process for the sale of the 165-megawatt Casecnan hydroelectric power plant in Pantabangan, Nueva Ecija.
The highly anticipated bidding for the Casecnan plant is scheduled to take place on May 16, 2023 with a submission deadline set for 12:00 noon at Park Inn by Radisson North EDSA.
Following the submission, the bids will be promptly opened and evaluated.
The qualified entities that will compete for the acquisition of the Casecnan hydroelectric power plant are as follows: Fresh River Lakes Corporation, Neptune Hydro Inc., Global Hydro Power Corp., Panasia Energy, GigaAce 11, Belgrove Power Corp.(a consortium consisting of EEI Power Corp.), Soosan ENS. Co. Ltd., Soosan Industries Co. Ltd., Mapalad Power Corp. and Semirara Mining and Power Corp.
PSALM president and CEO Dennis Edward A. Dela Serna highlighted the rigorous assessment conducted on the eligibility documents of these eight entities.
The meticulous scrutiny aimed to lay the groundwork for a successful and prudent sale of the Casecnan plant.
PSALM emphasized its commitment to ensuring that the winning bidder will enjoy a favorable return on investment from the power plant.