Aboitiz Power Corp. has completed its acquisition of additional equity in STEAG State Power Inc. (SPI).
The company told the Philippine Stock Exchange the acquisition of 167,648,480 of SPI shares was in accordance with the terms of the 15 September 2022 share purchase agreement costing $36.08 million (P2.03 billion) plus interest of 4 percent per annum.
Aboitiz Power said the transaction completed on Friday boosted its SPI ownership to 69.4 percent.
SPI owns and operates the 210-megawatt (MW) Mindanao coal-fired power plant in Villanueva, Misamis Oriental, touted as Mindanao’s first coal-fired power plant.
Aboitiz Power earlier bared plans to spend P190 billion over 10 years to grow its renewable energy capacity to 4,600 MW or three times its current renewables portfolio.
