Business and Economy
SMC unit buys out Masinloc power plant
San Miguel Corp. (SMC) chief executive officer and president Ramon Ang (Photo by SMC)
MANILA — SMC Global Power Holdings (SMCGPH), the power business of conglomerate San Miguel Corp. (SMC), has closed a deal to buy the 630-megawatt (MW) Masinloc power plant in Zambales for USD1.9 billion, as it expands footprint in clean coal technology.
SMCGPH reached an agreement to purchase shares with Masin-AES Pte. Ltd., equity holders AES Philippines Investment Pte. Ltd., and Gen Plus B.V.
It bought American energy giant AES’s 51-percent equity stake and EGCO Group’s 49 percent in Masin-AES Pte. Ltd.
The sale also includes the 335-MW coal-fired unit that is currently under construction and the 10-MW Masinloc energy storage project under commissioning.
“We are happy to be able to acquire Masinloc. The additional power assets provide us an opportunity to increase our footprint in clean coal technology that provides reliable and affordable power, particularly in Luzon,” said SMC president and chief operating officer Ramon S. Ang in a statement.
“In fact, we have substantially reduced emissions even from our existing power plants to continue promoting the economy’s growth and produce energy in an environmentally responsible way,” he said.
The completion of the agreement is subject to the satisfaction of certain conditions, including the approval of the Philippine Competition Commission (PCC) and the final execution of the definitive agreements.
