The Cawayan plant, located in Camarines Sur, is the fourth power plant to be successfully bid out by the Power Sector Assets and Liabilities Management Corp (PSALM), since it first put up a power facility on the auction block in March.
The other power facilities successfully sold are the Talomo mini hydroelectric plant and the Agusan river mini hydro plant.
A unit of Aboitiz Equity Ventures Inc., submitted the winning US$1.37M bid for the Talomo plant on 25 March 2004. On 8 June 2004, the government sold the Agusan plant to First Generation Holdings Corp. of the Lopez group for US$1.5M.
PSALM will call for bids for the 1.2MW Loboc hydroelectric plant in Bohol in the next few months.