Ayala Corp. has closed the funding requirement to finally acquire a minor stake in GNPower Mariveles Coal Plant Ltd. Co.
A disclosure to the Philippine Stock Exchange on Thursday showed that a wholly owned subsidiary of Ayala Corp. achieved financial closing in relation to its acquisition of an approximately 17-percent ownership stake in GNPower.
The subsidiary referred by Ayala Corp. is AC Energy Holdings Inc., the listed conglomerate’s holding firm for its power investments.
GMCP is the owner of the 600-megawatt coal-fired power generating plant in Mariveles, Bataan province, which started commercial operations earlier this week.
Other parties involved in the Bataan plant are Power Partners Ltd. Co. and Sithe Global Power LLC, a company owned by investors of The Blackstone Group.
JP Morgan served as the financial adviser in the transaction.
In the last two years, Ayala has established a robust pipeline of power platforms using conventional and renewable technologies, and has committed over $300 million in equity on approximately 900 megawatts of gross generating capacity.
Earlier last year, the group committed to increase its equity commitment for its power investment to as much as $500 million to $600 million in the next 12 to 18 months.
“Ayala continues to actively explore greenfield and acquisition opportunities given the significant power backlog in various regions,” the company said.