MGEN, SMGP, and AP Complete Energy Deal for the Philippines’ First Integrated LNG Complex

​Meralco PowerGen Corporation (MGEN), a wholly owned subsidiary of Manila Electric Company (Meralco), together with San Miguel Global Power Holdings Corp. (SMGP), and Aboitiz Power Corporation (AP) through its subsidiary, Therma NatGas Power, Inc. (TNGP) have completed the financial close of a US$3.3 billion partnership.

​Involves the following transactions:

1. The joint investment by MGEN and TNGP, through Chromite Gas Holdings, Inc. (CGHI) in South Premiere Power Corp. (SPPC), Excellent Energy Resources, Inc. (EERI), and Ilijan Primeline Industrial Estate Corp. (IPIEC); and

2. The acquisition by MGEN and TNGP, through CGHI, of the Batangas-based LNG import and regassification terminal owned by Linseed Field Corporation (LFC).

MGEN and TNGP, respectively, have a 60% and 40% stake in CGHI, which, following the completion of these transactions, will own 67% of SPPC, EERI, and IPIEC. SMGP will own a 33% stake in SPPC, EERI, IPIEC, and LFC.

The transaction among the parties was recently approved by the Philippine Competition Commission.

Meralco PowerGen Corporation (MGEN) is a leading power generation company in the Philippines key subsidiaries, Global Business Power (MThermal), MGEN Renewable Energy, Inc. (MGreen), and PacificLight, a modern and efficient Liquefied Natural Gas (LNG) facility in Singapore. It is the power generation arm of the Manila Electric Company (MERALCO), the largest private electric distribution utility in the Philippines.

San Miguel Global Power serves as the power arm of San Miguel Corporation, one of the leading publicly listed conglomerates in the Philippines. As one of the largest power companies in the country, SMGP is ushering in an era of growth and sustainability through a diversifying portfolio that reliably fuels the nation's growth.

Therma NatGas Power, Inc. (TNGP) is a wholly owned subsidiary of Aboitiz Power Corporation (AP), through Therma Power Inc.(TPI). TPI is AboitizPower’s wholly-owned subsidiary for its investments and interests in various non-renewable energy projects.