Photo Releases

Issuance of the Notice of Award for the privatization of Sucat Thermal Power Plant to Riverbend Consolidated Mining Corporation

After conducting the post-qualification of the winning bidder for the successful sale of the structures, equipment, auxiliaries and accessories of the decommissioned Sucat Thermal Power Plant (STPP), the Power Sector Assets and Liabilities Management (PSALM) Corporation issued a Notice of Award (NOA) to Riverbend Consolidated Mining Corporation. In a simple ceremony held last 30 June 2017, Riverbend President, Mr. Nicanor Escalante, accepted the NOA from PSALM Officer-in-Charge, Ms. Lourdes S. Alzona. The issuance of the NOA affirms the status of Riverbend as the winning bidder for the sale of the decommissioned Sucat plant.


Ten days after the issuance of the NOA, as warranted under the STPP Asset Purchase Agreement (APA), Mr. Escalante posted the company’s performance bond amounting to PhP152,600,000.00 or 50% of the purchase price of the STPP (PhP305,200,000.00).    


The posting of the bond is in accordance with Article 8 of the STPP APA to guarantee that as the buyer, Riverbend will completely, faithfully and promptly comply with each of its obligations in the said agreement.  


The targeted date for the full payment and turnover of the STPP is on 02 August 2017.