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.
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