This will raise its interest in the Mariveles Project and Dinginin Project.
Aboitiz Power Corporation bought a 49% voting stake and a 60% economic stake in AA Thermal Inc., AC Energy's thermal platform in the Philippines for a total of $579.2m.
According to an announcement, it entered a share purchase agreement with AC Energy affiliate Arlington Mariveles Netherlands Holding BV and a shareholders’ agreement with AC Energy.
AA Thermal’s assets initially consist of AC Energy’s limited partnership interests in GNPower Mariveles Coal Plant Ltd. Co., the owner and operator of an operating 2×316 MW coal plant in Mariveles, Bataan (the Mariveles Project), and in GNPowerDinginin Ltd. Co., the developer and owner of a 2×668 MW supercritical coal plant project in Dinginin, Bataan (the Dinginin Project), which is currently under construction.
The agreement will increase AboitizPower’s beneficial ownership in the Mariveles Project to 78.325%, and in the Dinginin Project to 70%. The Mariveles Project has been operating since 2013, while the first unit of the Dinginin Project is scheduled to go online in 2019.
AboitizPower CEO Emmanuel V. Rubio noted that the transaction is part of their strategy to reach 4,000MW of net attributable capacity by 2020.
ING Bank N.V. acted as lead financial advisor to AC Energy, whilst BPI Capital acted as financial advisor. Standard Chartered Bank acted as sole financial advisor to AboitizPower.
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