Kepco plans sale of Manila units

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Amid ramped-up investments in cleaner power, Korea Electric Power Corporation or Kepco, a South Korean state-owned energy generation group, said Wednesday it expects to finalize the sale of its two non-core energy assets in the country within the first half of the year.

Kepco plans to sell 60 percent of its stake in Kepco SPC Power Corporation, a thermal power plant in Cebu, and 40 percent of its ownership in SPC Power Corporation.

Since the planned selling of assets was announced last year, Kepco said several domestic and foreign bidders have already expressed “high interest in the assets and subsequently submitted preliminary bids.”€

Final offers in quarter

Shortlisted bidders, who are invited to the second round, are expected to submit final offers by the first quarter. Kepco intends to agree within the first half of the year. The shortlisted bidders are currently undergoing due diligence and site visits.

Amid the sale, Kepco clarified that it will continue investing in the renewable energy sector of the Philippines. It has an existing investment in Solar Philippines Calatagan Corp.

Kepco SPC Power Corporation, a joint venture between Kepco Philippines Holdings Inc. and Philippine-based SPC Power Corporation, owns and operates a 200MW circulating fluidized bed coal-fired power plant in Naga, Cebu.

Kepco’s Cebu plant’s Circulating Fluidized Bed Combustion technology, an environmentally optimized combustion process among coal-fired power plants, is considered the key factor for the interest from the investors’ perspective.

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