AboitizPower finalises 15.6% stake acquisition in STEAG State Power

This brings the company’s total equity interest to 85%.

Aboitiz Power announced the completion of the acquisition of an additional 15.6% stake in STEAG State Power Inc., with a total purchase price for shares of $11m.

In a disclosure, AboitizPower said the transaction would make the company the legal and beneficial owner of the company with a total equity interest of 85%.

STEAG State Power operates 210 megawatts of the coal-fired power plant which includes transmission lines and related facilities at the PHIVIDEC Industrial Estate in Misamis Oriental.

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“This is a good opportunity to help sustainably manage an existing generation facility, which is a vital component of the Mindanao grid and provides affordable and reliable power to many Filipinos. Since this is an existing generation facility, there are no emissions added to the total GHG emissions of the Philippines,” the statement read.

“With the energisation of the Mindanao-Visayas Interconnection, this plant will be able to export much-needed capacity to the national grid, which has experienced tightness of supply reserves in recent years,” it added.