MANILA, Dec. 18 (Xinhua) -- San Miguel Corp Global Power Holdings (SMCGPH) has reached a deal to buy the 630-MW Masinloc power plant for 1.9 billion U.S. dollars, the Philippine company said in a statement on Monday.
The statement said SMCGPH, the holding company for San Miguel Corporation's (SMC) investments in the power industry, will be at 2.4 billion U.S. dollars in value based on the transaction.
The sale also includes the 335-MW coal-fired unit that is currently under construction and the 10-MW Masinloc energy storage project under commissioning.
"The new unit will employ the supercritical boiler technology that will result in higher efficiency and significant reduction in carbon dioxide emissions," the company said.
"We are happy to be able to acquire Masinloc. The additional power assets provide us an opportunity to increase our footprint in clean coal technology that provides reliable and affordable power, particularly in Luzon. In fact, we have substantially reduced emissions even from our existing power plants to continue promoting the economy's growth and produce energy in an environmentally responsible way," Ramon Ang, SMC president and COO said.
Luzon is the Philippine main island.
Still, the completion of the agreement is subject to the satisfaction of certain conditions including the approval of the Philippine Competition Commission.
San Miguel Corporation operates in beverages, food, packaging, energy, mining, fuel and oil, infrastructure, and real estate property management and development businesses worldwide.