Maibarara Geothermal Inc. (MGI) has successfully secured three land parcels in Batangas from the Power Sector Assets and Liabilities Management (PSALM) Corporation after emerging as the sole bidder in a recent auction. The acquisition marks a crucial milestone in MGI’s efforts to consolidate its landholdings and ensure operational continuity.
The lots, spanning 58,911 square meters across Santo Tomas City, Batangas, and Calamba City, Laguna, include areas that MGI currently leases for its steam field and access road. Additionally, an extra lot has been acquired for outfield reinjection, a key component in sustaining geothermal production.
MGI submitted a bid of ₱473.17 million, matching the minimum bid price set by PSALM. The bid was conditionally accepted, pending the completion of a post-qualification review to verify the authenticity of MGI’s submitted documents.
“This acquisition grants us full control over land assets that are essential to our geothermal operations. It removes uncertainties associated with leasing and positions us for long-term stability,” said Atty. Maria Carmela D. Hautea, corporate secretary of MGI, when asked to comment on the sale.
PSALM has long been mandated to privatize its assets to recover stranded contract costs and debts inherited from the National Power Corporation. The successful bidding of the Maibarara property contributes to this financial recovery plan.
A joint venture between PetroGreen Energy Corporation (65%), PHINMA Energy (25%), and PNOC Renewables Corporation (10%), MGI operates the 20-megawatt Maibarara-1 and 12-megawatt Maibarara-2 geothermal power plants. The acquisition of these lots strengthens its ability to sustain operations and potentially expand capacity in the future.
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