A joint venture between Norway's SN Power and Filipino-owned Aboitiz Power has bought the Philippines' largest hydro power plant for US$530M.
The joint venture, known as SN Aboitiz Power Incorporated, out-bid First Gen Northern Energy’s offer of US$420.9M for the 360MW Magat dam project.
The purchase agreement dictates that the winning bidder must make a payment of at least 40% of the offer price before the closing date, which is usually three months after the auction.
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