San Miguel selling two Philippine power plants to Meralco and Aboitiz

• 8 months ago (2024-03-04)
• David Flin

Asia 892 Gas 393

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Meralco PowerGen and Aboitiz Power are jointly investing an estimated $3.3 billion in two of San Miguel Global Power Holding ’s gas-fired power plants in the Philippines.

The two power plants involved in the deal are the 1278 MW gas-fired Ilijan power plant and a new 1320 CCGT, due to be completed by the end of 2024. The deal also includes acquisition of the LNG import and regasification terminal of Linseed Field Corporation, which will be used to receive, store, and process LNG for the two power plants.

Manuel Pangilinan, Chairman of Meralco PowerGen, said: “This is a pathbreaking venture. Apart from transforming the energy landscape of the Philippines, this symbolises a milestone alliance among major players in the energy industry towards a more sustainable future. We are thrilled to have such reliable partners as we lay the foundation for a brighter, greener future.”