Ayalas seal deal to own half of Batangas Clean Energy
Power

Ayalas seal deal to own half of Batangas Clean Energy

ACE Enexor Inc. (ACEX), the oil and gas exploration platform of the Ayala Group, has finalized its investment in a 1,100 megawatt combined cycle power plant in Batangas with the signing of a shareholders agreement with Batangas Clean Energy Inc. (BCE) and Gen X Energy LP.

Under the deal, ACEX and Gen X Energy will each own a 50 percent interest in BCE. ACEX will subscribe to a total of 150,002 shares in BCE for a total subscription price of P150.22 million.

BCE is the special purpose vehicle company that will develop the Batangas power plant which will use natural gas and/or green hydrogen as its fuel to provide firm power to the grid to meet the country’s growing energy demand.

Gen X Energy is a portfolio company of Blackstone Inc., the world’s largest alternative asset manager.

The transaction will potentially add 1,100MW of natural gas and/or green hydrogen power to ACEX’s power generation portfolio.

BCE shall file an application for the increase in its authorized capital with the Securities and Exchange Commission.

 

Leave a Comment

sixteen − 11 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.