Three conglomerates in the Philippines have been given the green light to proceed with their joint acquisition of two gas-fired power plants and an LNG terminal.
Three conglomerates welcomed the Philippine Competition Commission’s (PCC) decision allowing them to proceed with their joint acquisition of two gas-fired power plants and a liquefied natural gas (LNG) terminal as they expect closing the transaction next month. Meralco PowerGen Corp. president Emmanuel Rubio said that following the PCC decision, they“will be working on conditions precedent to closing.”MGen, the power arm of Manila Electric Co., Aboitiz Power Corp.
and San Miguel Global Power Holdings Corp. issued a joint statement on the PCC decision. “This landmark transaction is expected to boost the country’s energy security and infrastructure,” the parties said. The companies expressed their appreciation for the PCC’s thorough review process and affirmed their shared commitment to advancing a competitive energy market that delivers real benefits to Filipino consumers. They also expressed their commitment to full compliance with regulatory requirements and pledged to collaborate closely with stakeholders to align their efforts with the government’s energy goals. “This partnership highlights the shared vision of MGEN, AboitizPower and SMGP to address the growing energy needs of the Philippines while promoting transparency, fairness, and long-term sustainability in the energy sector,” they said. The PCC approved on Monday the joint acquisition of power facilities and a LNG terminal by MGen, Therma Natgas Power Inc. of Aboitiz Power and San Miguel Power, subject to certain conditions. The transaction involves MGen and Therma, through their joint venture Chromite Gas Holdings Inc. (Chromite), acquiring a 67-percent equity interest in South Premiere Power Corp. (SPPC), Excellent Energy Resources Inc. (EERI) and Ilijan Primeline Industrial Estate Corp. MGen and Therma, through Chromite, along with San Miguel Power, will jointly acquire 100 percent of Linseed Field Corp. (LFC), which operates the LNG terminal in Batangas Cit
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