By Danessa Rivera (The Philippine Star) | Updated December 29, 2016 - 12:00am
MANILA, Philippines – Aboitiz Power Corp. has completed its acquisition of interests in two GNPower coal-fired power plants in Bataan, allowing it to get closer to its 4,000-megawatt (MW) capacity target.
In a disclosure to the Philippine Stock Exchange yesterday, AboitizPower said it completed the purchase of 66.1 percent in GNPower Mariveles Coal Plant Ltd. Co. and 40 percent in GNPower Dinginin Ltd. Co. for $1.2 billion last Dec. 27.
This was after regulators Philippine Competition Commission (PCC) and Board of Investments (BOI) cleared the deal last Nov. 21 and Dec. 19, respectively.
“Following receipt of the BOI and the PCC approval, the parties completed the acquisition on Dec. 27, 2016, Philippine time,” AboitizPower said.
Aboitiz paid $1.197 billion for the partnership interests from affiliated investment funds of The Blackstone Group – World Power Holdings L.P. and Sithe Global Power L.P.
The company said the payment was funded by a combination of internally-generated cash and financing from foreign banks.
Earlier, AboitizPower president and COO Antonio Moraza said the two GNPower plants are essential in the company’s commitment to securing a balanced energy mix to support the country’s energy security.
Both plants will also help the company increase its attributable net sellable capacity to 4,000 MW by 2020.
GNPower Mariveles is a 604-MW subcritical thermal power plant which started operations in 2014, while GNPower Dinginin is a new project consisting of 2x668-MW supercritical thermal power plant – both located in Bataan.