Japan’s Marubeni Group has acquired 20 percent of the Southern Luzon Thermal Energy Corp. (SLTEC) under a partnership with Phinma Energy Corp. and AC Energy Holdings Inc.
Marubeni’s local subsidiary Axia Power Holdings Philippines Corp. signed definitive agreements with Phinma Energy and Ayala Corp. to sell five-percent and 15-percent interests in SLTEC, respectively.
Phinma Energy said the 2×135-megawatt (MW) SLTEC will become more technically and financially capable of undertaking larger projects in the near future through the partnership.
“[Marubeni’s investment in SLTEC] conveys strong validation of confidence in SLTEC’s management team, as well as in the future prospects for reliable and efficient plant operations,” Phinma Energy president and CEO Francsico Viray said.
AC Energy’s ownership in the SLTEC is now at 35% while Phinma Energy has 45%, making it the largest shareholder in the power plant.
“Phinma Energy will continue to offer SLTEC’s full output, in line with the company’s growth aspirations as a licensed Retail Electricity Supplier (RES),” Viray said.
“We are delighted to have a new partner in SLTEC. Marubeni group has extensive experience in thermal power and this should further strengthen our joint venture. The partial sale also allows AC Energy to reinvest more aggressively in new projects as we pursue our 2020 goal of reaching 2000MW,” AC Energy president and CEO John Eric Francia said.
In a statement, Marubeni said it will also explore opportunities in developing projects with its partner companies.
“Taking this opportunity, Marubeni, together with Phinma Energy and AC Energy, is exploring jointly developing new power projects in the future and intends to build strong and stable relationships with the Phinma Group and the Ayala Group,” the company said.
SLTEC owns and operates the 2×35 MW Calaca thermal power plant which has been operating a baseload plant since April 2015 to meet the power demand in Luzon.