THAILAND’S Electricity Generating Public Co. Ltd. (EGCO) has bought an additional 2-percent interest in Quezon Power Philippines Ltd. Co. (QPL) for $15.027 million, bringing its ownership interest in the power company to 100 percent.
Prior to the purchase, EGCO held a 98-percent stake in QPL and the remaining 2 percent from PMR Ltd. Co.
EGCO President Chanin Chaonirattisai told the Thailand stock exchange that the company entered into a sale and purchase agreement with PMR Holding Corp. on September 30 for the purchase of a 2-percent indirect ownership interest in QPL.
The purchase, which was approved by the Investment Committee of EGCO, was completed on October 1.
QPL owns, operates and maintains a 460-megawatt (MW) coal-fired power plant in Barangay Cagsiay I, Quezon province. It began commercial operations in May 2000 and continues to deliver power to the Luzon grid through a 25-year power purchase agreement and transmission line agreement with the Manila Electric Co. which, in turn, supplies electricity in Metro Manila, Cavite, Rizal, parts of Batangas, Laguna, Quezon and Pampanga.
EGCO’s New Growth BV and Meralco Power Gen (MGen), a subsidiary of Meralco, earlier formed San Buenaventura Power Ltd. (SBPL) to put up a new 460-MW coal-power plant.
SBPL is 51-percent owned by MGen, while New Growth holds the remaining 49 percent. It plans to raise P40 billion from the debt market to fund the power project.