Meralco PowerGen Corporation (MGEN) together with San Miguel Global Power Holdings (SMGP), and Aboitiz Power Corporation (AP) through its subsidiary, Therma NatGas Power, Inc. (TNGP) have completed the financial close of a US$3.3 billion partnership which involves the following transactions:
- The joint investment by MGEN and TNGP, through Chromite Has Goldings, Inc. in South Premiere Power Corporation (SPPC), Excellent Energy Resources Inc. (EERI), and Ilijan Primeline Industrial Estate Corporation (IPIEC)
- The acquisition by MGEN and TNGP, through CGHI, of Batangas-based LNG import and regassification terminal owned by Linseed Field Corporation (LFC).
MGEN and TNGP, respectively, have a 60% and 40% stake in CGHI, which, following the completion of these transactions, will own 67% of SPPC, EERI, and IPIEC. SMGP will own a 33% stake in SPPC, EERI, IPIEC, and LFC.
This transaction has been approved by the Philippine Competition Commission.