The Philippine Power Sector Assets and Liabilities Management Corporation (PSALM) has sold the 650 MW Malaya oil-fired power plant in Pililla, Rizal to Fort Pilar Energy Inc. for a total consideration of PHP3.1bn (US$65m). The plant comprises two units with a respective capacity of 300 MW and 350 MW. The power plant is still operating as a must-run unit (MRU) but once privatised, it would no longer be required to do so.
The asset is part of National Power's portfolio, which has been required to sell its land and power assets to reduce financial obligations by 2026. The country has been trying to sell the plant for two years. Five companies had expressed interest to acquire the Malaya power plant, namely China Gezhouba Group Co., Ltd, Sta. Clara International Corporation, VBB Trucking Trading and Consultancy Services, Inc., Fort Pilar Energy Inc. and AC Energy Philippines, Inc.
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