A subsidiary of listed Trans-Asia Oil and Energy Development Corp. (TA) is taking over a Zambales-based power generation firm, which currently operates a 116-megawatt diesel power plant in Subic Bay Freeport Zone, for more than P400 million.
In a disclosure to the Philippine Stock Exchange, Trans-Asia Oil reported that its wholly owned subsidiary, Trans-Asia Power Generation Corp. (TAPGC) purchased on Tuesday the entire outstanding shares of stock of One Subic Power Generation Corp. (OSPGC) from Udenna Energy Corp. (Udenna).
One Subic Power is the lessee and operator of the 116-megawatt diesel power plant located in the Subic Bay Freeport Zone, while Udenna is a local, independent power and renewable electricity producer.
Valued at P490 million, the total number of shares to be acquired by TA is 200 million for P2.45 apiece.
“The acquisition of OSPGC added to TA’s power generation portfolio, which already includes TA’s diesel power plants in Norzagaray, Bulacan, Bacnotan, La Union and Guimaras,” TA told the local bourse.
The portfolio of Trans-Asia Oil also includes the Maibarara Geothermal plant, a portion of the Sem-Calaca power plant, and a 40-megawatt capacity from the Unified Leyte geothermal facilities.
The company is also currently constructing a 52-megawatt wind farm in San Lorenzo, Guimaras and a 135-megawatt coal power plant in Calaca, Batangas, through South Luzon Thermal Energy Corp., a 50-50 joint venture with AC Energy Holdings Inc.