San Miguel to tap capital market to raise up to $1.3B
San Miguel Corp. is looking to raise as much $1.3 billion from the capital market next year to fund the purchase of the 630 megawatt Masinloc power plant in Zambales.
In a stock exchange filing, San Miguel said the amount represents 70 percent of the $1.9 billion purchase price for the Masinloc power plant.”
San Miguel president and COO Ramon S. Ang said the purchase would provide them an opportunity to expand their footprint in clean coal technology that provides reliable and affordable power, particularly in Luzon.
The transaction, however, is subject to the approval of the Philippine Competition Commission.
It covers the 335-MW coal-fired generator which is under construction and the 10-MW Masinloc energy storage project that is under commissioning.
The third generator will use the so-called supercritical boiler technology, which “will result in higher efficiency and significant reduction in carbon dioxide emissions.”