Philippines-based Global Business Power has agreed to acquire 50% interest in Alsons Thermal Energy (Atec) from Alcantara group’s Alson’s Consolidated Resources (ACR).
Atec is the holding firm for baseload coal-fired power plant assets of ACR. It has a 75% interest in the 210MW Sarangani Energy (SEC) baseload coal-fired plant in Maasim of Sarangani province, while the remaining 25% stake is owned by Japan’s Toyota Tsusho.
The SEC facility’s first phase of 105MW had commenced operations in April 2016, and the construction on other phase of 105MW is currently underway with operations expected in 2019.
In addition, Atec will acquire ACR’s interest in San Ramon Power (SRPI), which is constructing a 105MW baseload coal-fired plant in Zamboanga City.
The SRPI facility is expected to begin commercial operations in 2021, which will supply baseload power to Zamboanga City and other surrounding areas.
The deal is subject to regulatory approval, including the Philippine Competition Commission.
ACR chairman and president Tomas Alcantara was quoted by BusinessMirror as saying: “We look forward to a fruitful partnership that combines GBPC’s technical competencies and strengths in the Visayas with ACR’s long years of experience in Mindanao as the island’s first independent power producer.
“We believe that this partnership will greatly benefit power consumers, particularly in light of the planned interconnection of the Mindanao and Visayas grids, which we strongly support.
“We are sure that this alliance with GBP and MPIC will make us a more formidable enterprise, more competitive and more resilient in meeting the challenges of the present and those that are yet to come.”
To offer peaking and backup power, ACR runs three diesel plants in various parts of Mindanao and it is also entering the renewable energy space with its first 15-MW run-of-river hydro plant in Sarangani.