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Philippines gets two bids for two geothermal plants

Tue Jul 29, 2008 11:58pm EDT

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MANILA, July 30 (Reuters) - Two groups submitted formal bids at an auction for the sale of two geothermal plants on the Philippines' main island of Luzon, the government said on Wednesday.

The groups which submitted bids for 289-megawatt Tiwi and 458.53 megawatt Makban geothermal facilities were AP Renewables of the Aboitiz Group and First Luzon Geothermal Energy, an investment vehicle fully owned by PNOC-Energy Development Corp (EDC.PS).

Korea Electric Power Corp (KEPCO) (015760.KS), which was on an earlier list of bidders, has withdrawn from the auction, said an official of PSALM, the state agency overseeing the sale of government power plants.

PSALM will announce the highest bidder later on Wednesday. There have been no details of the auction's floor price.

The auction initially attracted nine investors acoording to PSALM.

(Reporting by Karen Lema; Editing by Raju Gopalakrishnan)



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