Quantcast

Ayala Corp. acquires stake in Mariveles coal-fired power plant

By |



MANILA, Philippines–Conglomerate Ayala Corp. has boosted its power portfolio with the acquisition of a 17.1 percent stake in GNPower Mariveles Coal Plant Ltd. Co. (GMPC) and its 600-megawatt coal-fired plant in Mariveles, Bataan, for $155 million.

Ayala announced on Monday the signing of the sale and purchase agreement to acquire 100 percent of the interests held by an affiliate of a fund advised by Denham Capital in GMPC which owns the 600-MW coal-fired power generating plant which is currently undergoing commissioning.

The conglomerate will thus share ownership of the Mariveles Power Plant with power project developer Power Partners, Ltd. Co. and Sithe Global Power LLC, a company owned by investors of The Blackstone Group.

Ayala intends to hold its investment in GMCP through its wholly owned energy subsidiary, AC Energy Holdings Inc, the disclosure said.

“The Mariveles Power Plant is a major capacity addition that is critical to alleviating potential power shortages in the Luzon grid. It is utilizing pulverized coal technology designed to meet global standards and contributes to Ayala’s goal of providing low-cost electricity to the country,” said John Eric Francia, Ayala managing director and AC Energy president.

Ayala president and COO Fernando Zobel de Ayala, for his part, said: “We are pleased with the addition of the Mariveles Power Plant to Ayala’s growing portfolio of energy projects.  We are delighted to be working with Sithe Global Power and Power Partners in this endeavor. Our investment reflects the Ayala group’s support for the energy and infrastructure needs of our country and our confidence in its bright growth prospects.”

J. P. Morgan served as financial advisor to Ayala on this transaction.


Follow Us






Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace