State-run Power Sector Assets and Liabilities Management Corp. (PSALM) said its three lots in Batangas province fetched a bid price of P473.16 million.
PSALM said in a statement Maibarara Geothermal Inc.’s (MGI) offer during the bidding on Jan. 30, 2025 was P473,168,100, the same as minimum bid price, which was conditionally accepted, pending the completion of the post-qualification process.
PSALM’s Privatization, Bids and Awars Committee said it would verify the accuracy and authenticity of the eligibility documents provided by MGI.
Composed of three lots with an area of 58,911 square meters, the Maibarara property is situated in San Rafael, Santo Tomas City, Batangas, and Calamba City, Laguna.
The proceeds from the privatization will be used to settle the remaining stranded contract costs and stranded debts that PSALM had assumed from the National Power Corp.
MGI is the joint venture of PetroGreen Energy Corp. (65 percent), ACEN Corp. (25 percent) and PNOC Renewable Corp. (10 percent). It is the developer and operator of the 20-megawatt Maibarara-1 and 12-MW Maibarara-2 Geothermal Power Project (MGPP) in Sto. Tomas, Batangas.
