San Miguel Corporation buys 1GW of coal-fired capacity

The $1.9b transaction is for completion by 1H18.

Enerdata reported that the US company AES Corporation and the Thai independent power producer Electricity Generating Public Company (EGCO) have sold their stakes in two coal-fired power plants to the SMC Global Power, part of the Philippine conglomerate San Miguel Corporation, for a total consideration of US$1.9bn (US$1.05bn for AES and US$850m for EGCO).

The sale comprises two coal-fired power plants with a total capacity of 965 MW, namely the 630 MW Masinloc-1 power plant (two 315 MW units) and the 335 MW Masinloc-2 project under construction along with the 10 MW Masinloc energy storage project, all located in the Philippines. The transaction is scheduled for completion in the first half of 2018 after the regulatory approval of the Philippine Competition Commission (PCC).

This article was originally published by Enerdata.