MANILA, Philippines — Aboitiz Power Corp. has acquired an additional 15.6 percent stake in STEAG State Power Inc., boosting its equity to a majority of 85 percent.
The total purchase price for the additional 73,962,565 shares is $11 million.
“This is a good opportunity to help sustainably manage an existing generation facility, which is a vital component of the Mindanao grid, and provides affordable and reliable power to many Filipinos,” AboitizPower said.
The STEAG power plant in PHIVIDEC Industrial Estate in Misamis Oriental began commercial operations on Nov. 15, 2006. AboitizPower bought a 34 percent interest in the 210-megawatt plant in 2007, before acquiring an additional 35.4 percent in 2022.
“With the energization of the Mindanao-Visayas interconnection, this plant will be able to export much needed capacity to the national grid, which has experienced tightness of supply reserves in recent years,” AboitizPower said.