31 May 2017
The Riverbend Consolidated Mining Corporation submitted the highest offer for the sale of the structures, plant equipment, auxiliaries and accessories of the decommissioned 850-megawatt Sucat Thermal Power Plant in Muntinlupa City on an "as is, where is" basis, the Power Sector Assets and Liabilities Management (PSALM) Corporation reported on Wednesday, 31 May 2017.
"Riverbend was declared the bidder with the highest offer after it bested two other companies with its PhP305,200,000.00 proposal," said PSALM Officer-in-Charge Lourdes S. Alzona.
Based on the asset sale provisions, the winning bidder has the obligation to dismantle, clean-up and remediate the site which means that the buyer shall return the present site to ground zero (road level) free and clear of wastes, toxic substances, debris and structures.
PSALM Privatization, Bids and Awards Committee will report the results of the sale to the PSALM Board then subsequently issue a Notice of Award upon completion of the post qualification process.
The two other companies who joined the bidding were VPD Trading and G.G. Uy Bonapor Metal Contractor Company with financial offers of PhP201,600,000.00 and PhP168,000,000.00, respectively.
The Sucat plant was operational for 33 years before Units 1 and 4 were decommissioned in January 2000, and Units 2 and 3 were shut down in January 2002.
Corporate Communications Division