According to the Power Sector Assets and Liabilities Management Corp (Psalm), the government body charged with overseeing the privatisation of the country's power sector, FirstGen bid US$129M for the stations.
Pantabangan-Masiway is the second major power asset to be bid out by Psalm following the attempted sale of the 600MW Calaca coal plant in April which failed to meet the reserve price.
Next to be offered is the 360MW Magat hydroelectric complex in Isabela and the 25-year concession of national transmission company TransCo.
The Pantabangan-Masiway complex comprises the 100MW Pantabangan facility and the 12MW Masiway plant.
