ALCANTARA-LED Alsons Consolidated Resources, Inc. (ACR) said Wednesday that the acquisition by Global Business Power Corp. (GBP) of a 50 percent stake in an Alsons subsidiary for P4.25 billion has been finalized, signaling the start of their partnership.
In a filing to the Philippine Stock Exchange, Alsons announced the deal has officially closed with the signing of a shareholder’s agreement this month.
Both companies announced the investment agreement in June 2017. The Philippine Competition Commission gave its approval of the partnership in September.
Based on the terms of the deal, GBP will take a 50 percent stake in Alsons Thermal Energy Corporation (ATEC), the holding company for ACR’s baseload coal-fired power plant assets.
Tomas Alcantara, Alsons group chairman and president, said the partnership would boost the two companies’ capacity to provide power connectivity in the Visayas and Mindanao.
“The synergy within ATEC will come to the fore once interconnection of the grid makes it possible for power consumers in the Visayas to be supplied from Mindanao and vice versa. The partnership will also give ACR the opportunity to pursue with greater intensity its other energy-based projects outside of the ATEC umbrella, particularly its renewable power generating plants in Mindanao and Western Visayas,” he explained.
ATEC holds a 75-percent stake in the 210-megawatt (MW) Sarangani Energy Corporation (SEC) baseload coal-fired plant in Maasim, Sarangani Province, with Alsons’ Japanese partner Toyota Tsusho Corporation owning 25 percent.
ATEC also holds 100 percent equity in San Ramon Power, Inc. which is developing a 105-MW baseload coal-fired power plant in Zamboanga City.
In an earlier statement, Manuel Pangilinan, chairman of GBP and Metro Pacific Investments Corp. (MPIC), said the strategic acquisition would help the group penetrate the power market in Mindanao.
GBP is 56 percent owned by Beacon Electric Asset Holdings, Inc. (BEAHI) through Beacon PowerGen Holdings, Inc. BEAHI is a joint venture between MPIC and PLDT Communications and Energy Ventures, Inc. (PCEV), with MPIC holding a 50 percent voting interest in BEAHI.
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