Update: The Bulletin removed the article. But here it is in the Google cache.
The Bulletin article today has some more information on the STEAG stake and I’m recalculating some numbers from my previous post.
Regarding other bidders, the Bulletin notes:
It was gathered that the interested parties which submitted offers include Marubeni Corporation and JGC Corporation of Japan; YTL Corporation Berhad of Malaysia and the fourth foreign firm is Contour Global, an investment firm with headquarters in New York and offices in Houston, Paris and Kiev. The local companies reported to have put up bids are First Gen Corporation and Aboitiz Power group.;/em>
STEAG claims to have invested $305 million in a 210 MW plant. That comes out to $1,452/kW.
Aboitiz paid $91.9 million. On 34% of 210 MW, that’s $1,287/kW.
$1287/kW is 83% of the Masinloc sale price, which probably says about the expectation of revenue from the two plants than it does anything else. But Masinloc has more of a merchant component (and risk) to it than STEAG. It gets complex.
As a side note, Mindanao grid prices are lower than those in Luzon. From the Napocor web site today, Mindanao prices are 56% of the Luzon price (TOR Rates: P2.62 vs P4.66). But long-term marginal prices in Mindanao would be expected to be higher than those in Luzon.