ACE Enexor Inc. (ACEX), the oil and gas exploration platform of the Ayala Group, has finalized its investment in a 1,100 megawatt combined cycle power plant in Batangas with the signing of a shareholders agreement with Batangas Clean Energy Inc. (BCE) and Gen X Energy LP.
Under the deal, ACEX and Gen X Energy will each own a 50 percent interest in BCE. ACEX will subscribe to a total of 150,002 shares in BCE for a total subscription price of P150.22 million.
BCE is the special purpose vehicle company that will develop the Batangas power plant which will use natural gas and/or green hydrogen as its fuel to provide firm power to the grid to meet the country’s growing energy demand.
Gen X Energy is a portfolio company of Blackstone Inc., the world’s largest alternative asset manager.
The transaction will potentially add 1,100MW of natural gas and/or green hydrogen power to ACEX’s power generation portfolio.
BCE shall file an application for the increase in its authorized capital with the Securities and Exchange Commission.