Philippines’ Meralco, Aboitiz, San Miguel launch $3.3b LNG facility

The partnership will contribute over 2,500 MW of generation capacity once fully operational.

Manila Electric Co’s Meralco Power Gen (MGen), Aboitiz Power, and San Miguel Global Power Holding partnered for the first integrated liquified natural gas (LNG) facility in the Philippines with $3.3b.

In a disclosure, Meralco said, MGen and Aboitiz Power will invest in two of San Miguel’s gas-fired power plants which are the 1,278-megawatt (MW) Ilijan power plant and a new 1,320 MW combined cycle power facility which will start operations by end-2024.

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The three companies will invest in almost all and acquire the LNG import and regasification terminal by Linseed Field Corporation which will be used to receive, store and process the LNG for the two power plants.

In line with this, MGen and Aboitiz Power’s Thermap NatGas Power, Inc. will enter a joint venture to acquire Chromite Gas Holdings (CGHI) in which they will hold a 60% and 40% interest, respectively.

They will invest in San Miguel’s gas-fired power plants and Linseed Field through CGHI.