SMC Global Power Holdings Corp., the holding company of conglomerate San Miguel Corp. for its power business, has sold the 620-megawatt Limay diesel-fired power plant to Millenium Holdings Inc.
SMC Global approved the sale of its 100-percent stake in PanAsia Energy Holdings Inc.,
which owns the Limay plant, and later signed a share purchase agreement with Millenium Holdings, company documents showed.
“Completion of the sale is subject to certain conditions, including obtaining the relevant corporate and government approvals, such as the Board of Investments,” the company said in an earlier report to the Philippine Stock Exchange.
PanAsia’s assets were estimated at P4.353 billion against liabilities of around P1.295 billion.
Millenium, according to sources, is a company led by a certain Mike Valencia.
The output of the Limay power plant, however, is still being traded at the Wholesale Electricity Spot Market under PanAsia.
“Yes, it’s still PanAsia because Millenium has not taken over operations yet. They are still completing the paperworks,” an industry source said.
The Limay power plant comprises two 310-MW modules, Blocks A and B, which consist of three 70-MW gas turbines and a 100-MW steam turbine, respectively.
San Miguel Energy Corp., the company’s energy arm, acquired the Limay plant from the government for $13.5 million in 2009.
San Miguel president Ramon Ang earlier confirmed plans to sell the Limay plant.
“Yes, we are selling it right now. We are talking and will finalize the sale soon,” Ang said.
Ang earlier wanted to convert the Limay plant into a natural gas-fired power plant but decided against it.
The Limay plant ran as “must run” unit during the summer months of 2010 when the power grid suffered a severe power shortage due to El Niño weather phenomenon.
Ang said the company felt it would be more viable to build greenfield or entirely new power plants.
“We will just build a greenfield plants,” he said.
SMC Global Power is preparing its initial public offering to raise funds to finance the construction of coal power plants, including two 150-MW coal-fired power plants in Ternate, Cavite and another 150-MW coal station in northern Leyte.
The company said it plans to complete the construction of the power plants by the first quarter of 2015.
SMC Global approved the sale of its 100-percent stake in PanAsia Energy Holdings Inc.,
which owns the Limay plant, and later signed a share purchase agreement with Millenium Holdings, company documents showed.
“Completion of the sale is subject to certain conditions, including obtaining the relevant corporate and government approvals, such as the Board of Investments,” the company said in an earlier report to the Philippine Stock Exchange.
PanAsia’s assets were estimated at P4.353 billion against liabilities of around P1.295 billion.
Millenium, according to sources, is a company led by a certain Mike Valencia.
The output of the Limay power plant, however, is still being traded at the Wholesale Electricity Spot Market under PanAsia.
“Yes, it’s still PanAsia because Millenium has not taken over operations yet. They are still completing the paperworks,” an industry source said.
The Limay power plant comprises two 310-MW modules, Blocks A and B, which consist of three 70-MW gas turbines and a 100-MW steam turbine, respectively.
San Miguel Energy Corp., the company’s energy arm, acquired the Limay plant from the government for $13.5 million in 2009.
San Miguel president Ramon Ang earlier confirmed plans to sell the Limay plant.
“Yes, we are selling it right now. We are talking and will finalize the sale soon,” Ang said.
Ang earlier wanted to convert the Limay plant into a natural gas-fired power plant but decided against it.
The Limay plant ran as “must run” unit during the summer months of 2010 when the power grid suffered a severe power shortage due to El Niño weather phenomenon.
Ang said the company felt it would be more viable to build greenfield or entirely new power plants.
“We will just build a greenfield plants,” he said.
SMC Global Power is preparing its initial public offering to raise funds to finance the construction of coal power plants, including two 150-MW coal-fired power plants in Ternate, Cavite and another 150-MW coal station in northern Leyte.
The company said it plans to complete the construction of the power plants by the first quarter of 2015.
Comments
Post a Comment