Pangilinan group to enter coal power plant business in Mindanao

The Pangilinan-led Metro Pacific Investments Corp. (MPIC) and Alcantara-led Alsons Consolidated Resources (ACR) have teamed up for the management of coal-fired power plants in the Mindanao region.

In a disclosure filed on the local stock exchange, MPIC said its unit Global Business Power Corp. (GBP) will acquire a 50-percent stake in Alsons Thermal Energy Corp. (ATEC), the holding company for ACR's baseload coal-fired power plant assets.

ATEC owns a 75-percent stake in the 210-megawatt (MW) Sarangani Energy Corp. (SEC) baseload coal-fired plant in Maasim, Sarangani Province.

It will also assume a stake in San Ramon Power Inc (SRPI) which is developing a 105 MW baseload coal-fired plant in Zamboanga City.

To recall, MPIC Chairman Manuel V. Pangilinan late last month said MPIC is keen on the southern Philippines, and the company was planning a big investment in the area.

"The new partnership with Alsons presents a significant milestone for us, through GBP, to enter the fast-growing and dynamic Mindanao market given Alsons' proven, longstanding and successful track record in owning and operating power plants in Mindanao," he said.

This was mirrored by ACR Chairman and President Tomas I. Alcantara, who hailed the new development.

"We look forward to a fruitful partnership that combines GBP's technical competencies and strengths in the Visayas with ACR's long years of experience in Mindanao as the island's first independent power producer," he said. —ALG, GMA News