Aboitiz Power Corp. signed about USD 1.2-billion purchase and sales agreement to acquire a majority stake in GNPower Mariveles Coal Plant Ltd. Co. and a minority interest in GNPower Dinginin Ltd. Co. from The Blackstone Group.
According to a disclosure from the local bourse, the company will acquire 66.1 percent in GNPower-Mariveles and 40 percent in GNPower-Dinginin.
However, the power firm said the cost of the deal could still change due to some conditions. It said the final cost would be given during the completion of the deal.
GNPower-Mariveles, which is composed of two units and has a capacity of 604 megawatts, started its commercial operations in 2014. The power plant is located in Bataan.
GNPower-Dinginin, on the other hand, is a project company to build a 668-MW supercritical coal-fired power plant also located in Bataan.
Aboitiz Power also said the acquisition was part of its target to increase its attributable net capacity to 4,000 megawatts by 2020.
Aboitiz Power is initially engaged with building coal-fired power plants, while it also owns renewable energy farms.
Source: Philippines News Agency