State-run Power Sector and Liabilities Management Corp. rejected the new condition offered by San Miguel Corp.’s unit South Premiere Power Corp. on the ownership of the 1,200-megawatt Ilijan Power Plant.
San Miguel wanted PSALM to cede control and ownership of the power plant to SPPC upon full settlement of monthly payments and ahead of the June 2022 date of turnover provided in the Independent Power Producer Administrator agreement.
Finance Secretary Carlos Dominguez III, the chairman of PSALM board, has asked for an update on SPPC’s offer to fully settle in advance the monthly payments for the Ilijan Power Plant.
PSALM president and chief executive Irene Besido Garcia said SPPC’s offer now carried with it a new condition that “entirely differs from the tenor of SPPC’s original offer.”
SPPC publicly announced last year that it was willing to prepay the monthly payments to PSALM “without prejudice” to the pending case it has with the latter.