Japan’s Toyota Tsusho Corp., the trading company of the Toyota Group, has finalized its acquisition of a 25-percent stake in Sarangani Energy Corp., which is building a 210-megawatt coal facility in Sarangani province.
The agreement is set to be signed on Thursday.
Alsons Consolidated Resources Inc., the parent firm of Sarangani Energy, said Toyota Tsusho would help fund the first phase of the project, which involves the construction of the first 105-MW coal facility to the tune of $310 million.
In a disclosure to the Philippine Stock Exchange on Monday, Alsons Consolidated reported that 30 percent, or $93 million, of the project cost, which will be spent over the next three years of construction, will come from equity. Of this amount, Alsons will be infusing $69.75 million, while the remaining $23.25 million will be invested by Toyota Tsusho.
The remaining 70 percent, or $217 million, of the total cost will come from project financing.
Sarangani Energy’s coal plant, which will eventually operate at the maximum capacity of 210 MW, is intended to stabilize power supply in Mindanao.