Aboitiz Power Corporation (AboitizPower) completed its acquisition of a 49% voting stake and a 60% economic stake in AA Thermal, Inc., AC Energy’s thermal platform in the Philippines.
This follows the execution of a share purchase agreement for the transaction last year, and the completion of all conditions precedent. The Philippine Competition Commission approved the transaction last February 28, 2019. The transaction is valued at USD572.9 million, after adjustments.
AA Thermal has interests in GNPower Mariveles Coal Plant Ltd. Co., the owner and operator of an operating 2×316 MW coal plant in Mariveles, Bataan, and in GNPower Dinginin Ltd. Co., the developer and owner of a 2×668 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%, and 70%, respectively.