25.8 C
Batangas

AboitizPower invests in AC Energy’s thermal power company

Must read

- Advertisement -

Aboitiz Power Corporation (AboitizPower) entered into a share purchase agreement with Arlington Mariveles Netherlands Holding BV, an affiliate of AC Energy, Inc. (AC Energy), and a shareholders’ agreement with AC Energy, a wholly-owned subsidiary of Ayala Corporation, for the proposed acquisition of a 49% voting stake and 60% economic stake in AA Thermal, Inc., AC Energy’s thermal platform in the Philippines (the Transaction).

Closing of the Transaction is subject to the satisfaction of certain conditions precedent, including the approval by the Philippine Competition Commission. The Transaction was valued at USD 579.2 million.

(L-R) Lyrna Esmeralda-Hewitt, Head of Commercial, AC Energy; Patrice Clausse, Chief Operating Advisor, AC Energy; Robert McGregor, Chief Investment Officer, AboitizPower; Eric T. Francia, President & CEO, AC Energy; Maria Corazon G. Dizon, Chief Finance Officer, AC Energy; and Louis P. Baui, VP for Finance, AC Energy
AA Thermal’s assets initially consist of AC Energy’s limited partnership interests in GNPower Mariveles Coal Plant Ltd. Co., the owner and operator of an operating 2×316 MW coal plant in Mariveles, Bataan (the Mariveles Project), and in GNPowerDinginin Ltd. Co., the developer and owner of a 2×668 MW supercritical coal plant project in Dinginin, Bataan (the Dinginin Project), which is currently under construction.

The agreement will increase AboitizPower’s beneficial ownership in the Mariveles Project to 78.325%, and in the Dinginin Project to 70%. The Mariveles Project has been operating since 2013, while the first unit of the Dinginin Project is scheduled to go online in 2019.

“AboitizPower is committed to addressing the country’s energy trilemma of adequate supply, cost of power, and protection of the environment. This is part of our strategy to reach our 4,000-MW netattributable capacity by 2020 through our balanced mix strategy. We are happy to be partners with the Ayala Group as we both seek to fulfill the energy needs of the country,” AboitizPower Chief Operating Officer Emmanuel V. Rubio said.

“We are delighted to further strengthen our partnership with the Aboitiz group and we look forward to jointly pursue more opportunities in the future,” according to AC Energy President and CEO Eric T. Francia. “This transaction enables AC Energy to balance its portfolio and provides capital for our growth initiatives, including our renewable energy projects,” he added.

ING Bank N.V. acted as Lead Financial Advisor to AC Energy. BPI Capital also acted as Financial Advisor, providing transaction support to AC Energy. Standard Chartered Bank acted as Sole Financial Advisor to AboitizPower.|

- Advertisement -
- Advertisement -

More articles

HOLD your horses! Corrida de Cavalos Cidade de Calaca once again ignites the interest of horse enthusiasts and devotees of Saint Raphael the Archangel. On March 27, 2024, Holy Wednesday, the city will hold its Festival of Horses at...
IBAAN, Batangas — KASABAY ng matunog na palakpakan na may kasamang sigawan ay tinanggap ng Maximo T. Hernandez Memorial Integrated High School ang tumataginting na P100,000.00 premyo bilang bagong kampeon sa mas pinakinang na Les Kuliembo Court Dance Competition...
Unmasked: An exhibit of photos from the field by Howie Severino and Atom Araullo I-Witness documentarists Howie Severino and Atom Araullo will share a selection of what they’ve seen in many years of coverage in a series of photo exhibits in...
- Advertisement -

Latest article

- Advertisement -