The Electricity Generating Public Company Limited (EGCO Group) now owns 100% of Quezon Power (Philippines), Limited Co., (QPL) following a recent sale and purchase agreement with PMR Holding Corp.
EGCO Group President Chanin Chaonirattisai said the company has purchased a 2% indirect ownership in QPL from PMR Holding Corp. – resulting in its 100% ownership of Philippine power plant.
EGCO has entered into the Sale and Purchase Agreement on September 30, 2015. The transaction was completed with share transfer on October 1, 2015, which resulted in EGCO’s 100% indirect ownership in QPL.
QPL owns and operates the Quezon power plant which is a 503MW (Gross) coal-fired power plant, 31km transmission line and certain related facilities in Quezon province in the Philippines.
QPL commenced its commercial operation in May 2000 and sells its electricity output to Manila Electric Company (MERALCO) under a 25-year power sales agreement.
Quezon power plant is considered as one of the best power plants in Southeast Asia with the history of consistent and stable cash flows, reliable operations and an outstanding environment track record.
EGCO through NGBV is currently working to set up another 500-megawatt coal-fired power plant in the same province. It has sealed a partnership with Meralco Power Gen Corp. (MGen) and formed San Buenaventura Power Ltd. Co. (SBPL). Meralco owns 51% of SBPL while New Growth holds the remaining 49%. They are targeting to have the power plant ready by early 2019.