Published June 6, 2017, 10:00 PM By Myrna M. Velasco
Publicly-listed Alsons Consolidated Resources, Inc. (ACR) has sealed a partnership pact with Global Business Power Corporation (GBP), enabling the latter to corner 50-percent stake in the Alcantara firm which has its foothold in power development projects in Mindanao.
“The agreement gives GBP 50-percent stake in Alsons Thermal Energy Corporation – the holding company for ACR’s baseload coal-fired power plant assets,” a press statement from the Alcantara group has noted.
Closing of the deal had the backing of ING Bank N.V., which acted as ACR’s financial advisor; while Castillo Laman Tan Pantaleon & San Jose law firm served as legal advisor.
The value of the transaction had not been revealed to the media, but the essential facet of this deal would be having the Pangilinan group cementing its power generation portfolio fortress across grids.
Global Power, which is now under the control of Metro Pacific Investments Corporation (MPIC) of business magnate Manuel V. Pangilinan, holds the chunk of power generation capacity in the Visayas grid, while the power generation arm of Manila Electric Company (Meralco) is pursuing several projects in Luzon grid.
A parallel sentiment asserted by ACR Chairman and President Tomas I. Alcantara relating to the new tie-up is anchored on the fact that this deal will “combine GBP’s technical competencies and strengths in the Visayas with ACR’s long years of experience in Mindanao as the island’s first independent power producer.”
He added “this partnership will greatly benefit power consumers particularly in light of the planned interconnection of the Mindanao and Visayas grids, which we strongly support.”
For his part, MPIC Chairman Manuel V. Pangilinan noted that Global Power would be able to gain leverage on Alsons’ “proven, long standing and successful track record in owning and operating power plants in Mindanao.”
He stressed “this strategic acquisition is in line with MPIC’s commitment to further bolster our infrastructure investments in all parts of the Philippines.”