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January 26, 2009

French fims pulls out of Philippine power plant deal

The Philippine unit of French utility Suez has backed out of a deal to buy a 600 mw coal plant it secured by auction in 2007, Reuters quoted the government as saying.

Suez unit Emerald Energy Corp made a winning bid of $786.5 million for the Calaca plant south of Manila, but has said the condition of the plant has deteriorated and it is not in a position to complete the deal, the Power Sector Assets and Liabilities Management Corp (PSALM) said in a statement at the weekend.

PSALM said it would immediately prepare the Calaca plant for re-bidding and the agency remained committed to privatising 100 percent of the government's generation assets, despite the negative turn of events.

It said it had the option to forfeit Emerald Energy's $15 million bond paid at the time of the auction.

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