DMCI’s bid is more than the government’s undisclosed floor price, reported Reuters, quoting Conrad Tolentino, spokesman at the Power Sector Assets and Liabilities Management.
The company was one of only two bidders that showed up for the auction of the plant, located south of Manila and which supplies power to the capital. DMCI has quoted more price when compared to the offer of Thailand’s Banpu Power, which submitted a bid of $280m.
Tolentino informed that the winner of the auction will be disclosed in a week if all documentary requirements were in order.
Tolentino said that the government, if the sale goes through, would have sold 73% of 3,778.23MW of operating capacity of plants on the main island of Luzon and in the central Visayas region.
Manila plans to sell 70% of total capacity, one of the preconditions for open market access and retail competition in the power market.
Previously, PSALM refused the bids for contracts to purchase the power output of two coal-fired power plants since the offers were below the minimum price.
