Marubeni Corp buys 20% stake in South Luzon Thermal Energy Corp

The stake sale is in line with the firm's 2020 target of 2,000MW.

Japan's Marubeni Corp has bought a 20% stake in South Luzon Thermal Energy Corp (SLTEC) which operates a coal-fired power plant in Batangas, a province in South Luzon, Philippines.

Marubeni Corp bought the stakes from AC Energy, a subsidiary of Ayala Corp., and from Phinma Energy Corp. The companies previously held 15% and 5% stakes respectively.

"The partial sale also allows AC Energy to reinvest more aggressively in new projects as we pursue our 2020 goal of reaching 2,000 MW," said John Eric T. Francia, AC Energy president and chief executive, in a statement.

After closing the transactiopn, SLTEC is now 20%-owned by Marubeni Corp, 45%-owned by Phinma Energy, and 35%-owned by AC Energy.