ABOITIZ Power Corp. (AboitizPower), through its subsidiary Therma Power, Inc. (TPI), announced its proposed acquisition of indirect partnership interests held by funds managed by Blackstone in GNPower Mariveles Coal Plant Ltd. Co. (GMCP) and GNPower Dinginin Ltd. Co. (GNPD).
TPI will hold an indirect effective interest of 66.1 percent in GMCP and 40 percent in GNPD. The proposed acquisition consideration is approximately $1.2 billion, subject to certain adjustments at closing, and will be funded by a combination of internally generated cash and financing from foreign banks.
The completion of the deal is subject to the approval of the Philippine Competition Commission and the Board of Investments.
GMCP is a 604-MW subcritical coal-fired power plant, which started operations in 2014, while GNPD is a new project consisting of 2 x 668-MW supercritical coal-fired power plant, located in Bataan. The first of the GNPD units is currently under construction and is targeting commercial operations in 2019.
“The proposed acquisition of the indirect effective interests in GMCP and GNPD is in line with our target to increase our attributable net sellable capacity to 4,000 MW by 2020. We consider this acquisition very strategic as it gives us immediate earnings from the operating asset and incremental capacity in the coming years from the plant under construction and its expansion. We are likewise looking forward to the completion of our pipeline projects, which include more baseload capacity as well as renewables,” AboitizPower CEO Erramon I. Aboitiz said. (PR)