A unit of Aboitiz Power Corp. has finalized an agreement to acquire the Blackstone Group?s holdings in two power plants located in Bataan province.
In a stock exchange filing, AP said the deal involved the purchase by its wholly-owned subsidiary Therma Power Inc. of the Blackstone Group?s 66.1 percent interest in GNPower Mariveles Coal Plant Ltd. Co. and 40 percent of GNPower Dinginin Ltd. Co. for $1.2 billion.
The completion of the transaction is subject to certain customary conditions including approvals by the Philippine Competition Commission and the Board of Investments as may be applicable. The deal is also subject to certain price adjustments.
The Mariveles plant, which started operations in 2014, consists of two units totalling 604 megawatts while the Dinginin project is under construction and will comprise up to two units totalling 668 MW.
According to AP, the transaction will be funded via loan facility and internally generated cash.
