The government on January 15, 2009 formally turned over the 25-year concession of the National Transmission Corporation (TransCo) to the NGCP. The NGCP remitted US$987.5 million to PSALM as its upfront payment for the operation of the transmission system and in compliance with the provisions of the sale transaction. This amount is 25 percent of the US$3.95 billion purchase price paid for the concession contract. This concessionaire of TransCo is in charge of development, upgrading, and rehabilitation of the electricity grid.