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US-based power utility InterGen has divested its shares in the Quezon coal-fired power plant to Thai firm Electricity Generating Public Company Ltd. (EGCO).
Interegen said that the company entered into a purchase and sale agreement with EGCO Group to sell its 45.8 percent interest in the Quezon power project for $375 million.
“We are pleased to have come to this agreement with EGCO Group, a company with which we have enjoyed a very positive working relationship for the past several years,” said Neil H. Smith, InterGen president and chief executive officer.
“While we remain committed to growing our portfolio over the long term, this transaction represents a compelling opportunity to realize value from our investment in the Quezon PowerProject.”
As part of the transaction, EGCO will also acquire 100 percent of the management services company which provides management and administrative services to the Quezon Power Project. The sale is expected to close in the second quarter of 2012.
The Quezon Power Project is comprised of a 460-megawatt coal-fired electric generating facility and a 31-kilometer transmission line in Mauban, Philippines.
The plant commenced commercial operations in May of 2000 and provides stable and reliable electricity to the Luzon grid under a 25-year power sales agreement with the Manila Electric Co.
InterGen is a global power generation firm with 12 power plants representing a total generation capacity of 8,146 megawatts.
InterGen is jointly owned by the Ontario Teachers’ Pension Plan and China Huaneng Group.
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