Ayala acquires stake in coal power plant in Philippines

The Ayala Corp conglomerate (PSE: AC) has acquired a 17.1 per cent stake in GNPower Mariveles Coal Plant Ltd. Co. (GMPC) and its 600 MW coal-fired power plant in Mariveles, Bataan, Philippines for $155m.
GNPower Mariveles Coal Plant
The conglomerate will thus share ownership of the Mariveles Power Plant with power project developer Power Partners, Ltd. Co. and Sithe Global Power LLC, a company owned by investors of The Blackstone Group.

Ayala president and COO Fernando Zobel de Ayala said: “Our investment reflects the Ayala group’s support for the energy and infrastructure needs of our country and our confidence in its bright growth prospects.”

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