Bilyonaryo Ramon S. Ang-led San Miguel Corp. now owns the 1,200-megawatt Ilijan natural gas combined cycle power plant in Batangas.
In a filing with regulators, SMC unit SMC Global Power Holdings Corp. said its subsidiary South Premiere Power Corp. and the state-owned Power Sector Assets and Liabilities Management Corp. (PSALM) had executed a deed of sale which led to the turnover of the power plant.
The sale was pursuant to the administration agreement of SPPC with PSALM, which took effect in June 2010.
The Ilijan plant is said to be the largest natural gas facility in the country. It is intended to meet the growing baseband power demands of the Philippines.