The two investor groups that submitted the preparatory requirements for the sale of the 55-megawatt Naga Land-Based Gas Turbine (LBGT) Power Plant remain keen on acquiring the power asset as evidenced by their attendance in the Pre-bid Conference that the Power Sector Assets and Liabilities Management Corporation (PSALM) conducted last Thursday, 12 February 2009.

An integral part of PSALM’s bidding process, the Pre-bid Conference allowed the prospective bidders to clarify issues and concerns pertinent to the sale of the Naga power facility. The discussions also covered PSALM’s Bidding Procedures.

The two interested parties, both Filipino-owned corporations, are currently undertaking their Due Diligence on the Naga LBGT power plant. This particular exercise will end on 20 April 2009.

The privatization of the Naga plant started last month with the publication of an Invitation to Bid in local newspapers.

Located at the Cebu I Power Plant Complex in Barrio Colon, Naga, Cebu Province, the plant is scheduled for bidding on 22 April 2009.