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Three Philippine tycoons team up in $3.3 billion energy deal

Bloomberg
·1-min read
Power lines and transformers at the Manila Electric Co. (Meralco) substation in Quezon City, Metro Manila, the Philippines, on Thursday, July 28, 2022.Photographer: Veejay Villafranca/Bloomberg
Power lines and transformers at the Manila Electric Co. (Meralco) substation in Quezon City, Metro Manila, the Philippines, on Thursday, July 28, 2022.Photographer: Veejay Villafranca/Bloomberg (Bloomberg)

By Andreo Calonzo

(Bloomberg) — Three of the Philippines’ most prominent tycoons have teamed up in a $3.3 billion energy deal that involves their companies buying a liquefied natural gas facility south of Manila.

A unit of Manila Electric Co. headed by Manuel Pangilinan, said on Sunday that it’s investing in an LNG terminal in Batangas province together with the energy arm of Ramon Ang-led San Miguel Corp. and Aboitiz Power Corp. chaired by Sabin Aboitiz.

Under the deal, Meralco PowerGen Corp. and Aboitiz Power will also invest in San Miguel Global Power’s two gas-fired power plants: the 1,278-megawatt Ilijan power plant and a new 1,320-megawatt combined cycle power facility expected to operate by the end of this year.

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“This is a pathbreaking venture,” Pangilinan said in a statement. “Apart from transforming the energy landscape of the Philippines, this symbolizes a milestone alliance among major players in the energy industry.”

©2024 Bloomberg L.P.