A BOITIZ Power Corp. (AboitizPower), through its wholly owned subsidiary Therma Power, Inc. (TMI), said on Wednesday it has completed the acquisition of a beneficial majority stake in GNPower Mariveles Coal Plant Ltd. Co. (GNPower – Mariveles) and a minority interest in GNPower Dinginin Ltd. Co. (GNPower-Dinginin).
In a disclosure to Philippine Stock Exchange (PSE), AboitizPower said the acquisition of the beneficial interests in the two power plants is in line with its target to increase its attributable net capacity to 4,000 megawatts (MW) by 2020.
TPI entered into Purchase and Sale Agreements for the acquisition of the partnership interests held by affiliated investment funds of The Blackstone Group L.P in World Power Holdings, L.P. and Sithe Global Power, L.P. The agreements will result in TPI ultimately acquiring a 66.1-percent beneficial ownership interest in GNPower-Mariveles and a 40-percent beneficial ownership interest in GNPower-Dinginin.
The acquisition will increase the attributable capacity of AboitizPower with the possibility of further expansion, the company said.
“The parties expect to close the acquisition of the GNPower Companies upon receipt of the approvals from the Philippine Competition Commission (PCC), and the Board of Investments (BOI) for GNPower—Mariveles,” the disclosure read.
“Subject to submission of a copy of the PCC approval, BOI approved the acquisition of GNPower Mariveles on November 21, 2016,” it said.
“On December 19, 2016, PCC approved the acquisition of the Target Companies. Following receipt of the BOI and the PCC approval, the parties completed the acquisition on December 27, 2016,” AboitizPower said.