ABOITIZ POWER Corp. is transferring the ownership of two power generation projects from offshore units to a subsidiary that houses the company’s coal-fired plants, the listed company told the stock exchange on Tuesday.
It said Therma Power, Inc. (TPI) is streamlining its share ownership structure in GNPower Mariveles Coal Plant Ltd. Co. and GNPower Dinginin Ltd. Co., the project companies behind two big power projects in Bataan.
“The restructuring involves the transfer of direct ownership of GNPower-Mariveles and GNPower-Dinginin from the offshore subsidiaries of TPI to TPI and the eventual dissolution and liquidation of the offshore intermediary subsidiaries that own the GNPower-Mariveles and GNPower-Dinginin shares,” it said.
“As a result TPI will directly own 66.01% partnership interest in GNPower-Mariveles and 50% partnership interest in GNPower-Dinginin,” it added.
GNPower-Mariveles is a partnership among Therma Mariveles Holdings, Inc., and Therma Mariveles Camaya B.V., both AboitizPower subsidiaries, with Mariveles Coal Project GP Corp., Power Partners Ltd. Co., and AC Energy Holdings, Inc.’s affiliates Arlington Mariveles Philippines GP Corporation, and Arlington Mariveles Netherlands Holdings B.V.
GNPower-Mariveles owns a subcritical coal-fired power plant, including associated and auxiliary assets. The plant has two units each with a capacity of 345 megawatts (MW).
The unit is one of two plants acquired by TPI in late 2016 in line with AboitizPower’s target to increase its “attributable” capacity — or its corresponding share in the power facilities it built with partner companies — to 4,000 MW by 2020.
The other acquired plant, GNPower-Dinginin, is developing supercritical coal-fired power plant with two identical units each with a net capacity of 668 MW. It is expected to start commercial operations in 2019.
On Tuesday, shares in AboitizPower slipped by 1.32% to P41 each. — Victor V. Saulon
