Global Business Power finalizes deal to acquire 50% of Alsons subsidiary
Global Business Power Corp. and Alsons Consolidated Resources have formally sealed their partnership in Alsons Thermal Energy Corp.
GBP is taking a 50 percent stake in ATEC, the holding company for ACR’s baseload coal-fired power plant assets.
“We believe this partnership will greatly benefit power consumers particularly in light of the planned interconnection of the Mindanao and Visayas grids which we strongly support,” said Tomas Alcantara, chairman and president of ACR.
“We look forward to bringing together the technical expertise and unique strengths of our two organizations in ensuring power security in the southern Philippines,” he added.
ATEC holds a 75 percent stake in the 210-megaatt Sarangani Energy Corp. baseload coal-fired plant in Maasim, Sarangani Province and 100 percent of San Ramon Power Inc., which is developing a 105 MW baseload coal-fired plant in Zamboanga City.
ACR’s long-time Japanese partner Toyotal Tsusho Corp. still holds a 25 percent equity in Sarangani Energy.