The Aboitiz Power group got its go signal for its $1.2 billion investment in two GNPower coal-fired power plants in Bataan.
Aboitiz Power’s unit Therma Power Inc. (TPI) was cleared by regulators to acquire 66.1 percent in GNPower Mariveles Coal Plant Ltd Co. and 40 percent in GNPower Dinginin LTd. Co.
The company considers this an essential strategy in the group’s commitment to securing a balanced energy mix to support the country’s energy security, AboitizPower president and COO Antonio Moraza said.
“This is also in line with our target to increase our attributable net sellable capacity to 4,000 (megawatts) MW by 2020. We consider this acquisition very strategic as it gives us immediate earnings from the operating asset and incremental capacity in the coming years from the plant under construction and its expansion,” he said.
The acquisition was approved by the Board of Investments and the Philippine Competition Commission (PCC) last November 21 and December 19, respectively.
The proposed acquisition of TPI is estimated at $1.197 billion and will be funded by a combination of internally generated cash and financing from foreign banks.
GNPower Mariveles is a 604 MW subcritical thermal power plant which started operations last 2014, while GNPower Dinginin is a 2×668 MW supercritical thermal power plant, both of which are located in Bataan.
Other partners in the plants are AC Energy Holdings Inc. and GN Power, owned by Nauruan – American firm Power Partners Ltd. Co.