Finance officials would not rule out the possibility that YNN could still come up with the $227.54-million down payment over the weekend but the asset is likely to join other power plants scheduled to be bid out this year.
"If they do not come up with the money, the termination of the contract will take effect after 30 days," said Finance Secretary Margarito Teves, who is also board chairman of the Power Sector Assets and Liabilities Management Corp. (PSALM), the agency in charge of privatizing government’s power assets.
According to PSALM president and chief executive officer Nieves Osorio, the power plant could be bid out this year along with other power assets held by PSALM.
PSALM is planning to bid out this year the 25-year concession of the National Transmission Corp., the 100-mw Pantabangan power plant and the 12-mw Masiway hydroelectric power complex, the 360-mw Magat hydroelectric power plant and the 275-mw Tiwi and 410-mw Makban geothermal complex.
Should YNN be able to pull off the payment before the termination
order is issued, however, Teves said the transaction could still push through and YNN would be the "new player" in the power industry.
Teves said YNN’s bid of $561 million for the Masinloc power plant was still "the most advantageous to the government’s interests and more than double the losing bid of $275 million."