Conglomerate Ayala Corp. is selling its 15-percent stake in Calaca thermal coal plant to a subsidiary of Marubeni Corp.
Ayala told the local bourse its subsidiary South Luzon Thermal Energy Corp. (SLTEC) signed definitive documents to dispose a stake in South Luzon Thermal Energy Corp. (SLTEC) to Axia Power Holdings Philippines Corp.
SLTEC owns and operates a 2 by 135-MW thermal power plant in Calaca, Batangas. The plant operates as a baseload plant to meet the power demand in Luzon.
PHINMA Energy Corp., AC Energy's joint venture partner in SLTEC, also sold a 5-percent stake to Axia Power.
With the sale of shares to Axia Power, AC Energy's ownership in SLTEC is at 35 percent; while that of PHINMA Energy and Axia Power are at 45 percent and 20 percent, respectively.
Source: Philippines News Agency