The company will share ownership of the generating facility with power project developer Power Partners and Sithe Global Power, a firm owned by investors of The Blackstone Group.
Ayala intends to hold its investment in GMCP through AC Energy Holdings, a wholly-owned energy subsidiary of Ayala.
The coal-fired power generating station is currently undergoing commissioning, reports the Philippine Daily Inquirer.
Ayala president Fernando Zobel de Ayala stated: "We are pleased with the addition of the Mariveles Power Plant to Ayala’s growing portfolio of energy projects."
Ayala managing director John Eric Francia said the Mariveles power plant is critical to alleviating potential power shortages in the Luzon grid.
"It is utilizing pulverized coal technology designed to meet global standards and contributes to Ayala’s goal of providing low-cost electricity to the country," Francia added.
For this transaction, J. P. Morgan served as financial advisor to Ayala.
