ThermaPower Inc., a subsidiary of AboitizPower Corp. has gained full control of East Asia Utilities Corp. (EAUC), adding 50-MW to bridge the gap in their 4,000-MW target by 2020.
ThermaPower bought 50 percent of El Paso Philippine Energy Co. Inc.’s 5o percent stake for five million common EAUC shares and 21, 690 Series “A” redeemable preferred shares for a total of P509.41 million ($11 million).
AboitizPower first purchased 50 percent ownership of EAUC in from El Paso Philippine Energy Co. Inc. in 2007, and has now fully acquired the diesel-fired power plant in Cebu.
EAUC operates a 50-MW plant in Mactan, Cebu, with the capacity to provide critical peaking and ancillary services to the Visayas grid.
“Reliable peaking power plants are part of our bigger objective of creating a right-mix of power supply for our customers,” AboitizPower President and COO Antonio R. Moraza said.
AboitizPower has holdings in hydropower, geothermal, coal, solar, and oil plants.