KEPCO divests stake in SPC Power of Dennis Villareal and Atom Henares

South Korean state-owned energy generation group, Korea Electric Power Corp. (KEPCO) is selling its stake in a coal plant in Cebu and its interest in SPC Power Corp. of businessmen Dennis Villareal and Atom Henares.

Back in June 2022, KEPCO appointed Samil PwC as its financial advisor for the sale of its 60 percent stake in a thermal power plant in Cebu, KEPCO SPC Power Corporation (KSPC), and its 40 per interest in SPC Power.

KSPC, a joint venture between KEPCO Philippines Holdings Inc. (KPHI) and SPC Power, owns and operates a 200MW circulating fluidized bed (CFB) coal-fired power plant in Naga, Cebu.

KPHI also directly owns a 37.96 percent stake in SPC Power, as of the first quarter 2022.

“Since the distribution of a teaser in October, several domestic and foreign bidders expressed high interest in the assets and subsequently submitted preliminary bids,” KEPCO said in a statement.

The Cebu plant’s circulating fluidized bed combustion technology, regarded as the environmentally optimized combustion process among coal-fired power plants, is considered as the key factor for investor interest.

The shortlisted bidders are expected to submit final offers by the first quarter.

They are currently undergoing due diligence and site visits.

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