PSALM president and chief executive officer Emmanuel Ledesma said Therma Power with its PHP1.09bn ($24.3m) bid had bested SPC Power, which bid PhP859m ($19.1m) for the facility.
"The offers of Therma Power and SPC for the Naga plant both exceeded the Reserve Price set by the PSALM Board," Ledesma added.
"Subject to the confirmation and verification of the accuracy, authenticity and completeness of the documents submitted, including the standby letter of credit, PSALM will declare the winning bidder for the Naga plant at a later date in accordance with the Bidding Procedures."
SPC has the "right to top" the price of the winning bidder for the Naga plant by 5%, as provided under the Land Lease Agreement executed between PSALM and SPC in 2009 for the Naga Land-based Gas Turbine, according to Ledesma.
The Naga plant is scheduled to be sold as a merchant plant, or without an attached power supply contract.
In addition, the sale will include a land lease agreement for the land underlying the power plants.
The Naga plant comprises the 52.5-MW Cebu 1 and 56.8MW Cebu 2 coal-fired thermal power plants, and the 43.8-MW Cebu Diesel Power Plant 1 consisting of six 7.3MW bunker-C fed power units.
