MANILA, Philippines - The government's privatization agency has set the bidding date for the 246-megawatt (MW) Angat hydropower plant in Bulacan on April 28.

Conrad Tolentino, vice president of Power Sector Assets and Liabilities Management Corp. (PSALM), said Angat will be the first big-ticket item they will sell this year.

"This is the first asset that we will bid out for the year," he said.

Interested parties can start their due diligence process on January 12 until the week before the bid submission deadline, PSALM said. They can submit their respective letters of interest on or before January 27.

The pre-bid conference for Angat, which is being sold on "as is, where is" basis, will be on February 17.

"Only interested parties or consortium who have been issued a bidding package will be allowed to participate further in the privatization of the asset," PSALM said.

Located in Norzagaray, Bulacan, the Angat plant began commercial operation in July 1967 with the commissioning of its auxiliary units 1 and 2. Its main generating units 1 and 2 came into operation in October 1967, and 3 and 4 in August 1968.

So far, 2 groups—Statkraft Norfund Power Invest AS (SN Power) of Norway and Lopez-owned Energy Development Corp.—have expressed interest to bid for Angat.