Aboitiz Power Company subsidiary Therma Power Inc. was the favored bidder for the Blackstone Group-affiliated investment fund stakes in the 2 gigawatt (GW) coal-fired power plants in Bataan and has finalized its Purchase and Sale Agreements for acquisition.

In a disclosure to the Philippine Stock Exchange yesterday, Aboitiz Power said its wholly – owned subsidiary Therma Power inc. was the “preferred bidder for the competitive tender process undertaken by certain investment funds affiliated with The Blackstone Group L.P. for the indirect sale of all of their partnership interests in GNPower Mariveles Coal Plant Ltd. Co. and GNPower Dinginin Ltd. Co.”

And in today’s disclosure, it announced that Therma power has “finalized the Purchase and Sale Agreements for the acquisition of the partnership interests held by affiliated investment funds of The Blackstone Group L.P. which own indirectly the majority and minority shares in GNPower Mariveles Coal Plant Ltd. Co. (GNPower – Mariveles) and GNPower Dinginin Ltd. Co. (GNPower – Dinginin), respectively.”

The transaction price is around $1.2 billion and will be subject to certain price adjustments at closing, depending on its conditionalities.

The transaction includes a “66.1 beneficial ownership interest in 604-megawatt GNPower – Mariveles and 40% beneficial ownership in 2×668 MW GNPower – Dinginin.”

Aboitiz Power was among the bidders for Sithe’s sale that was launched this year. Sithe owns a majority stake in GNPower Mariveles and holds 40% in GNPower Dinginin.

GNPower Mariveles has been operating since February 2014 while GNPower Dinginin is under construction for its 668 MW phase targeted for a 2019 completion.