- Category: Companies
30 Jan 2014
- Written by Lenie Lectura
AC Energy Holdings Inc., the power unit of conglomerate Ayala Corp., on Thursday said it has finalized a deal to purchase a 17-percent ownership stake in GNPower Mariveles Coal Plant Ltd. Co. (GMCP).
“A wholly owned subsidiary of Ayala Corp. achieved financial close in relation to its acquisition of an approximately 17-percent stake in GMCP under the terms of the sale and purchase agreement that it entered into with an affiliate of a fund advised by Denham Capital,” the conglomerate told the Philippine Stock Exchange.
GMCP is the owner of the 600-megawatt (MW) coal-fired plant in Mariveles, Bataan.
The power facility has completed commissioning and has started commercial operations earlier this week. JP Morgan served as financial adviser in the transaction.
The Ayala group is expanding its power-generation portfolio to Mindanao.
AC Energy said it will continue with its strategy of pursuing opportunities through joint ventures with established power players. It is embarking on power projects around the country that can generate 1,000 MW of capacity in the next five years at a cost of $2.5 billion.