Marubeni buys 20% of Batangas thermal plant

Japanese business conglomerate Marubeni has acquired a 20 percent stake in the 270-megawatt Puting Bato thermal power plant in Calaca, Batangas, coming in a strategic partner of a consortium led by the Ayala and Phinma groups.

Through local unit Axia Power Holdings Philippines Corp., Marubeni acquired a 15 percent stake in plant operator South Luzon Thermal Energy Corp. (SLTEC) from Ayala Corp. unit AC Energy while another 5 percent stake was acquired from the Phinma group.

“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,” Ayala said in a disclosure to the Philippine Stock Exchange.

Puting Bato Power Station has been in commercial operation since April 2015.

In the past, Marubeni had participated in other power projects initiated by the Ayala and Phinma groups.

“Taking this opportunity, Marubeni, together with PHINMA Energy and AC Energy, is exploring jointly developing new power projects in the future and intends to build strong and stable relationships with the PHINMA group and the Ayala group,” Marubeni said in a separate statement.