MANILA, Philippines — Aboitiz Power Corp. has completed the acquisition of AC Energy Inc.’s thermal platform for $572.9 million or roughly P29 billion.
The acquisition covers a 49 percent voting stake and a 60 percent economic stake in AA Thermal Inc., AC Energy’s thermal platform in the Philippines.
The amount, which was a one-time lump sum payment at closing, is slightly lower from the previous figure of $579.2 million or roughly P31 billion due to adjustments.
AboitizPower said the completion of the purchase follows the execution of a share purchase agreement for the transaction last year, and the completion of all conditions precedent, including the approval of the Philippine Competition Commission last February.
The assets included in the deal are GNPower Mariveles Coal Plant Ltd. Co., the owner and operator of an operating 2x316-megawatt (MW) coal plant in Mariveles, Bataan, and GNPower Dinginin Ltd. Co., the developer and owner of a 2x668 MW supercritical coal plant project in Dinginin, Bataan which is currently under construction.
GNPower Mariveles has been operating since 2013, while GNPower Dinginin Unit 1 is currently expected to come online later this year.
The completion of the transaction increases AboitizPower’s economic interests in GNPower Mariveles, and GNPower Dinginin to 78.3 percent, and 70 percent, respectively.
This will also result in an increase in the attributable and net sellable capacity of AboitizPower.