THREE companies are bidding for the privatization of the 74.8-megawatt (MW) Bakun hydroelectric power plant in Alilem, Ilocos Sur, the Power Sector Assets and Liabilities Management (Psalm) Corp. said on Friday.
The firms, Emerging Power Inc., Aboitiz Renewables and FDC Utilities Inc., submitted their respective letters of interest at a recent pre-bid conference.
The power plant, built in 1997 with a power purchase agreement under a Build-Operate-Transfer scheme, began commercial operations in 2000, its 70-MW capacity acquired by the National Power Corp. with a term of 25 years.
Currently operated by the Luzon Hydro Corp. of the Aboitiz Group under an operation and maintenance service contract, its power purchase agreement expired in February, after which ownership of the facility was transferred to Psalm.
Deadline for submission of bids is on Sept. 16, 2026, at 11 a.m., Psalm said, noting that only parties that have submitted letters of interest and have been duly issued the bidding package are allowed to participate.
Evaluation of bids is on Sept. 16 to 18.
All bids must be addressed to the chairman of the Psalm Bids and Awards Committee, 10th floor, Vertis North Corporate Center Tower 1, Sola (formerly Astra) corner Lux Drives, North Avenue, Quezon City.
