Aboitiz family expands footprint in Mindanao energy market, raises interest to 69.4% in STEAG State

Aboitiz Power Corp. has completed its acquisition of additional shares in STEAG State Power Inc. (SPI), bringing its interest to 69.4 percent.

In a statement, Aboitiz Power said it completed the acquisition of 167.65 million shares of SPI, in accordance with the terms of the share purchase agreement, for $36.08 million plus locked box interest at a simple rate of 4% per annum (on the basis of a 365-day year) from January 1, 2021 to March 31, 2022.

The acquired shares constitute 35.4% of the outstanding capital stock of the company.

SPI operates the 210-megawatt coal-fired power­ plant (including the transmission line and related facilities) at the PHIVIDEC lndustrial Estate in Misamis Oriental, Mindanao.

SPI was established to develop, finance and operate the 210 megawatt coal plant.