FRIDAY, March 29, 2024
nationthailand

EGCO Group sells stake in Philippines power plant.

EGCO Group sells stake in Philippines power plant.

Gen Plus B.V. a wholly-owned subsidiary of the EGCO Group, has agreed to sell its 49 per cent stake in Masinloc Power Partners (“MPPCL”) to SMC Global Power Holdings Corp


.

The deal was signed on Sunday.
EGCO Group will receive $850 million (Bt27.66 billion) from the transaction, subject to it being approved by the Philippine Competition Commission and all relevant conditions being adhered to by the parties involved. The transaction is expected to be completed within the first half of 2018 and EGCO plans to use the proceeds for new investment projects.
MPPCL owns, operates and maintains the Masinloc coal-fired power plant, comprising 2 units of 315MW (gross) each, a 335MW expansion project (Unit 3) which is under construction and a 10MW Battery Energy Storage in the Philippines province of Zambales.

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