The Riverbend Consolidated Mining Corp. became the highest bidder for the decommissioned 850-megawatt (MW) Sucat thermal power plant in Muntinlupa City.
“Riverbend was declared the bidder with the highest offer after it bested two other companies with its P305,200,000.00 proposal,” Power Sector Assets and Liabilities Management Corp (PSALM) officer-in-charge said.
The PSALM Privatization, bids and awards committee will report the results of the sale to their board which will be followed by issuing a Notice of Award upon completion of the post-qualification process.
“The successful sale of this asset advances the interest of the government as the proceeds will be part of the additional funding source for the liquidation of the National Power Corp.’s debts assumed by PSALM,” Alzona earlier said.
The winning bidder of the Sucat plant is obliged to dismantle, clean-up and remediate the site – returning the present site to ground zero and free of clear wastes, toxic substances, debris, and structures.
Used to be the Gardner Synder Thermal Plant, the plant went into commercial operations back in 1968 with its first unit.
Units 1 and 4 were decommissioned in January 2000, while Units 2 and 3 were shut down two years after.
The Sucat plant was placed on sale twice – in 2014 and 2016 – only to be declared as failed biddings.