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MANILA - Thailand's Electricity Generating Public Co. Ltd. has completed the acquisition of US-based InterGen's stake in the Quezon coal-fired power plant.
Intergen said EGCO acquired the entire 45.8 percent stake in the 460-megawatt generating facility and the 31-kilometer transmission line in Mauban, Quezon operated by Quezon Power Ltd.
"As part of the transaction, EGCO has also acquired 100 percent of the management services company which provides management and administrative services to the Quezon Power Project," the company said.
The acquisition will hike EGCO's stake in the power plant to 98 percent.
Intergen agreed to divest its shares in the facility for $375 million in May.
Neil H. Smith, InterGen president and chief executive officer, earlier said the company decided to sell its stake in the facility because the "transaction represents a compelling opportunity to realize value from our investment in the Quezon Power Project.”
The power plant commenced commercial operations in May 2000 and provides 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 11 power plants representing a total generation capacity of 7,686 megawatts in the UK, the Netherlands, Mexico and Australia.
The company is jointly owned by the Ontario Teachers’ Pension Plan and China Huaneng Group.
EGCO is Thailand's second biggest independent power producer.
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