Written by Madelaine B. Miraflor Reporter Published on 18 December 2012
Conglomerate Ayala Corp. announced on Monday that it will acquire 17.1 percent interest in GNPower Mariveles Coal Plant Ltd. Co. (GMCP) held by Denham Capital, which has a total purchase cost of P155 million.
In a statement, Ayala Corp. said that it entered into a sale and purchase agreement to acquire 100 percent of the interests held by an affiliate of a fund advised by Denham Capital in GNPower Mariveles Coal Plant Ltd. Co. (GMCP), which is the owner of the 2 x 300-megawatt coal-fired power generating plant in Mariveles, Bataan province.
“Pursuant to agreement and subject to lenders’ consent and other customary closing conditions, Ayala has agreed to acquire ownership interests of approximately 17.1 percent in GMCP and its Mariveles Power Plant for a total purchase price of approximately $155 million,” the company further added.
John Eric Francia, Ayala managing director and AC Energy president said that the Mariveles Power Plant is a major capacity addition that is critical to alleviating potential power shortages in the Luzon grid.
“It is utilizing pulverized coal technology designed to meet global standards and contributes to Ayala’s goal of providing low-cost electricity to the country,” he added.
Ayala President and Chief Operating Officer Fernando Zobel de Ayala, on the other hand, said that they are pleased with the addition of the Mariveles Power Plant to Ayala’s growing portfolio of energy projects.
“We are delighted to be working with Sithe Global Power and Power Partners in this endeavor. Our investment reflects the Ayala group’s support for the energy and infrastructure needs of our country and our confidence in its bright growth prospects,” he added.
The Mariveles Power Plant is currently undergoing commissioning. The other sponsors of the Mariveles Power Plant are power project developer Power Partners, Ltd. Co. and Sithe Global Power LLC, a company owned by investors of The Blackstone Group. Ayala intends to hold its investment in GMCP through its wholly owned energy subsidiary, AC Energy Holdings Inc.
J. P. Morgan served as financial advisor to Ayala on this transaction.
In the previous week, Ayala Corp., together with Aboitiz Equity Ventures Inc. announced that it will be partnering with a global airport operator in bidding for the Mactan-Cebu International Airport Passenger Terminal under the Philippine government’s public private partnership program.
ADC&HAS, which the two conglomerates partnered with, is a global airport operator with a proven track record of successful investment, development and operation of airports around the world.
It currently operates airports serving the capital cities of Quito, Ecuador and San Jose, Costa Rica with an annual capacity of over 5 million passengers and over 3.6 million passengers, respectively. It also operates airports in the growing tourist destinations of Liberia, Costa Rica and the Chungcheong Northern Province in South Korea. source
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