MANILA, Philippines - A unit of Energy Development Corp. (EDC) submitted the highest bid of $28.25 million at a state auction on Wednesday for 2 Philippine geothermal power plants with a combined capacity of 150 megawatts, officials said.

The BacMan power plants in Albay and Sorsogon, central Philippines are among the assets Manila wants to sell as part of a wider reform aimed at cutting the heavy debt of state electricity producer National Power Corp.

Maria Luz Caminero, acting president at the Power Sector Assets and Liabilities Management Corp. (PSALM), said the state firm would likely award the contract to Bacman Geothermal Inc., a unit of EDC, subject to final evaluation of the bid documents.