MANILA, Philippines - Thai power firm Electricity Generating Public Co. Ltd. (EGCO) has gained full control of the power firm operating the 460-megawatt (MW) coal-fired electric generating facility in Quezon province after buying out its partner.
In a statement posted on its website, EGCO said it bought a two percent indirect ownership interest in Quezon Power Philippines Ltd. (QPL) from the PMR Group.
The two percent stake was held by PMR Ltd. Co., a local partnership formed by PMR Holdings which has significant expertise in the Philippine power industry.
The two parties entered into a sale and purchase agreement last Sept. 30 and was completed Oct. 1.
EGCO said the total consideration for the buyout amounted to $15.027 million.
“Following the completion of the purchase, EGCO holds a 100 percent indirect ownership interest in QPL,” the company said.
EGCO is partly owned by Electricity Generating Authority of Thailand (EGAT).
QPL owns and operates the 460-MW coal-fired electric generating facility and the 31-kilometer transmission line in Brgy. Cagsiay 1 in the municipality of Mauban, Quezon
After QPL, EGCO is working on another 460-megawatt coal-fired power plant in the same province.
It partnered with Meralco Power Gen Corp. (MGen), the power generation arm of power distribution giant Manila Electric Co. (Meralco), to form San Buenaventura Power Ltd. Co. (SBPL).
SBPL is a joint venture firm formed by MGen and New Growth BV., a subsidiary of EGCO. The Meralco unit owns 51 percent of the company while New Growth holds the remaining 49 percent.
The project proponents are targeting to have the power plant ready by the summer of 2018.