THAILAND’s Electricity Generating Public Co. Ltd. (EGCO) now has full indirect ownership stake in Quezon Power (Philippines) Ltd. Co. which owns, operates and maintains a 503 megawatt (MW) coal-fired power plant, transmission line and related facilities in Quezon Province.
This developed after EGCO’s Board approved the purchase of the 2 percent indirect interest in Quezon Power held by PMR Holding Corp.
The company entered into a sale and purchase agreement (SPA) with PMR Holding on September 30 and completed the purchase on October 1.
With the completion of the purchase, EGCO now holds a 100 percent indirect ownership interest in Quezon Power.
The transaction was valued at $15.027 million and it was not a connected transaction.
The Quezon power plant commenced commercial operations in May 2000 and provides electricity to the Luzon grid under a 25-year power sales agreement with the Manila Electric Co. (Meralco).
EGCO earlier increased its interest in Quezon Power to 98 percent when it acquired InterGen’s 48.5 percent stake in Quezon Power for $375 million in May 2012.
EGCO is Thailand’s second biggest independent power producer.
InterGen is a global power generation firm with 11 power plants representing a total generation capacity of 7,686 megawatts in the UK, the Netherlands, Mexico and Australia. It is jointly owned by the Ontario Teachers’ Pension Plan and China Huaneng Group.