AboitizPower injects $1.2b in 2 Bataan plants

The deal is part of its effort to boost capacity to 4,000MW by 2020.

Philippines-based AboitizPower has sealed a deal acquiring stakes held by funds managed by Blackstone Group in a coal-fired power plant along with another power project under construction. The stake buy is signed through subsidiary Therma Power and is worth about $1.2b.

The deal grants Aboitiz the power to buy indirect partnership interests in GNPower Mariveles coal-fired power plant (GMCP) and GNPower Dinginin. Both plants are located in Bataan, Southern Luzon.

Once the deal is completed, Therma Power will gain i66.1% shares in GMCP and 40% in GNPD.

The contract is part of its group effort to hike its net sellable capacity to a whopping 4,000MW come 2020.