posted June 28, 2016 at 11:50 pm by Jenniffer B. Austria
Businessmen Manuel
Pangilinan and Ramon Ang sealed their first joint venture in power generation,
documents show.
Documents filed with
the Securities and Exchange Commission showed that Meralco Powergen Corp., a
subsidiary of Pangilinan-led Manila Electric Co., acquired a 49-percent stake
in Mariveles Power Generation Corp.
Mariveles Power is a
wholly-owned subsidiary of SMC Global Power Holdings Inc., the power arm of San
Miguel Corp. which is led by Ang.
SMC Global said MGen
and Zygnet Prime Holdings Inc., a company headed by businessman Iñigo Zobel,
subscribed to 2,500 and 102 common shares of MPGC, respectively.
“As a result, SMC
Global Power holds 49 percent of the outstanding capital stock of MPGC while
MGen holds 49 percent and Zygnet 2 percent,” SMC Global Power said.
SMC Global did not
provide the value of the transaction. The deal was completed on June 16.
MPGC was formed to
develop, construct, finance, own, operate and maintain a 4x150-megawatt
circulating fluidized bed coal-fired power plant and associated facilities in
Mariveles, Bataan.
The construction of the
power plant is expected to be completed by 2019.
The joint venture
partnership came after MPGC signed power supply agreements with Meralco.
Another SMC Global unit
Central Luzon Premiere Power Corp. also signed a supply deal with Meralco for
the delivery of up to 528 megawatts of electricity.
CLPPC intends to
construct, own and operate a 600-MW circulating fluidized bed coal-fired power
generating facility in Pagbilao, Quezon. The project is slated for completion
by 2019.
Ang, who is the
president of San Miguel, earlier said the two projects with a total capacity of
1,200 megawatts would cost a combined $2.4 billion.
Ang said in June, San
Miguel was in advanced stage of negotiations with the group of Pangilinan for a
possible joint venture in the development of a $10-billion international
airport.
Ang said both parties
would wait for the government to issue guidelines for the airport bidding
before finalizing their joint venture partnership.
Aside from the airport
project, San Miguel was also in talks with Pangilinan’s group for other big
ticket projects the government planned to bid out in the future, including
tollways and railway projects.
San Miguel in 2014
proposed to build a $10-billion modern international airport on a 1,600-hectare
reclamation site along Manila Bay over a period of five to seven years.
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