Marubeni buys stake in Ayala-led power plant in Batangas

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

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 and another 5 percent 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.

Marubeni had, in the past, 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 (the possibility of) 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.

With its participation in several power generation assets, Marubeni now has interest in nearly 20 percent of the country’s total installed power generation capacity.

“Marubeni, utilizing its extensive experience and knowledge gained in projects around the world, will contribute to development in the Philippines through the provision of a stable power supply,” the Japanese firm said.