Agus-Pulangi rehab attracts 2 unsolicited bids

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December 4, 2025 | 12:00am

MANILA, Philippines — Competition is heating up for the multibillion-peso revamp of the Agus-Pulangi hydropower complex in Mindanao, with at least two unsolicited bids already on the table.

“What I can tell you is two… one is a consortium, one is not,” said Dennis Edward dela Serna, president and chief executive officer of state-run Power Sector Assets and Liabilities Management Corp. (PSALM).

While he declined to reveal the identities of the interested parties, Dela Serna noted they are “people we’ve seen around,” hinting at familiar players in the energy sector.

This has sparked speculation that firms unsuccessful in bagging the Caliraya-Botocan-Kalayaan (CBK) hydro complex in Laguna may now be placing their bets on the Agus-Pulangi project.

While CBK went to the Aboitiz-led Thunder Consortium through outright sale, the Agus-Pulangi revamp is set to take shape via a public-private partnership (PPP).

With unsolicited bids already submitted, PSALM will evaluate the proposals in accordance with the PPP Code.

“If I follow the PPP Code timeline, (we have) 10 days to accept or reject, 90 days to evaluate and another 90 to 150 days for negotiation,” Dela Serna said.

He said PSALM remains on track to award the concession next year, aiming to kick off the Agus-Pulangi rehabilitation as early as 2027.

Situated around Lake Lanao, the complex consists of seven hydro plants with a total installed capacity of at least 1,000 megawatts. However, only around 600 to 700 MW remain operational due to aging facilities.

“Hopefully, the winning concessionaire or bidder or proponent brings it back to (full) capacity, and they’re able to sell that electricity,” Dela Serna said.

Asked about the projected cost of the rehabilitation, the PSALM official said they are still awaiting the result of the Asian Development Bank’s feasibility study.

In a budget hearing in October, Dela Serna told lawmakers the rehabilitation could generate around P40 billion to P90 billion in revenues for the government, enabling PSALM to slash its financial obligations.