Aboitiz Power Corp. signed a share purchase agreement for the acquisition of an additional 15.6 percent equity stake in STEAG State Power Inc. (SPI), operator of coal-fired power plant in Misamis Oriental.
The company said in a disclosure to the Philippine Stock Exchange yesterday the transaction involved $11 million or roughly over P600 million and brings the company’s total ownership to the 210 megawatts (MW) power plant at 85 percent.
This expands Aboitiz Power’s attributable net sellable capacity from the facility without adding new coal capacity to the grid.
SPI first began commercial operations of the power plant in 2006. Aboitiz Power initially acquired a 34 percent equity interest in STEAG in 2007 before acquiring an additional 35.4 percent in 2022.
Aboitiz Power said the STEAG power plant will continue to be a vital component of the Mindanao grid especially with the energization of the Mindanao-Visayas interconnection, amid the influx of more intermittent renewable energy supply.
The company said it will continue to expand, manage and optimize its diverse generation portfolio, led by investments in new renewable energy capacity.
Aboitiz Power eyes spending around P190 billion over the next decade for an additional 3,700 MW of RE, growing its capacities to 4,600 MW or three times the company’s current renewables portfolio by 2030.
Close to 1,000 MW of Aboitiz Power projects in wind and solar farms and geothermal capacities are in the pipeline.
Among Aboitiz Power’s upcoming new RE capacities include the 17 MW binary geothermal power plant in Tiwi, Albay; the 159 MW solar plant in Laoag, Pangasinan; the 173 MW solar project in Calatrava, Negros Occidental; and another 44 MW solar plant in Armenia, Tarlac that are all expected to come online within the year.
