Meralco PowerGen Corp. (MGEN), a subsidiary of Manila Electric Co., alongside San Miguel Global Power Holdings Corp. (SMGP) and Aboitiz Power Corp., has successfully closed a USD3.3 billion joint investment agreement. The partnership involves a series of strategic transactions that will reshape the landscape of the Philippine power sector.
Through this deal, MGEN and Aboitiz Power, via its subsidiary Therma NatGas Power, Inc., have made significant investments in South Premiere Power Corp., Excellent Energy Resources, Inc., and Ilijan Primeline Industrial Estate Corp. The joint venture, Chromite Gas Holdings Inc., in which MGEN holds a 60 percent stake and Therma NatGas 40 percent, will acquire a controlling 67 percent interest in SPPC, EERI, and IPIEC. Meanwhile, SMGP will hold a 33 percent share in these entities.
In a parallel transaction, CGHI, through its investment, has also secured the Batangas-based liquefied natural gas import and regasification terminal owned by Linseed Field Corporation (LFC), a move set to bolster the region’s LNG infrastructure.
The agreement, which has already been cleared by the Philippine Competition Commission (PCC), marks a pivotal step in the expansion of the country’s energy capacity, particularly in the liquefied natural gas (LNG) sector. With this transaction, the consortium positions itself to capitalize on the growing demand for cleaner energy sources, offering a strategic blend of natural gas and LNG assets.
By pooling resources and expertise, the partnership seeks to enhance power generation reliability while addressing the Philippines’ energy needs amid an evolving market landscape. The deal further strengthens the long-term power infrastructure development in the country, positioning MGEN, TNGP, and SMGP as key players in the nation’s energy future.
