MANILA, Philippines – A mining firm emerged the highest bidder for the purchase of the decommissioned 850-megawatt (MW) Sucat thermal power plant (STPP) in Muntinlupa City, state-run Power Sector Assets and Liabilities Management Corp. (PSALM) said yesterday.
PSALM said Riverbend Consolidated Mining Corp. bested the offers of two other firms.
“Riverbend was declared the bidder with the highest offer after it bested two other companies with its P305.2 million proposal,” PSALM officer-in-charge Lourdes Alzona said.
The two other companies which joined the bidding were VPD Trading and G.G. Uy Bonapor Metal Contractor Co. with financial offers of P201.6 million and P168 million, respectively.
Based on the asset sale provisions, the winning bidder has the obligation to dismantle, clean-up and remediate the site which means the buyer shall return the present site to ground zero (road level) free and clear of wastes, toxic substances, debris and structures.