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FILINVEST Development Corp., the listed holding firm
controlled by the Gotianun family, has partnered with
UK-based International Power Plc. and unit International
Power Masinloc Holdings Inc. to acquire the 60-percent
stake owned by the government in geothermal firm PNOC-Energy
Development Corp. (PNOC-EDC).
“The
corporation, International Power Plc and International
Power Masinloc Holdings executed today a memorandum of
understanding for a joint undertaking to participate in
the bidding for the proposed sale of 60-percent equity
in PNOC-EDC,” the listed Filinvest Development, also
known as FDC, told the exchange in a disclosure Monday.
The
60-percent stake involves 6 billion common shares and
7.5 billion preferred shares. Proceeds from sale would
likely reach P36 billion.
About 14
companies are bidding for the 60-percent equity in
PNOC-EDC.
Among
them is the Lopez-controlled First Gen Corp., which
earlier announced its partnership with Iceland-based
Reykjavik Energy Invest (REI).
“Our
joint venture is currently focused on the purchase of
the PNOC-EDC stake. First Gen’s experience in power
generation will be coupled with REI’s special strengths
in steamfield development and operations. We both hope
to add to PNOC-EDC’s proven capabilities in geothermal
energy,” First Gen said in an earlier disclosure with
the stock exchange.
Apart
from PNOC –EDC, the partnership is also eyeing other
greenfield projects in new geothermal sites all over the
country and overseas, particularly in the Asia-Pacific
region.
Considered as the biggest private independent power
producer in the country, First Gen currently has an
installed capacity of 1,839 megawatts, representing
nearly 12 percent of the country’s total installed
capacity. Its power facilities include the Sta. Rita and
San Lorenzo gas-fired power plants in Batangas City. |
