14 May 2014

Trans-Asia acquires Subic power plant

MANILA, Philippines - Trans-Asia Power Generation Corp. (TAPGC), a wholly-owned subsidiary of Trans-Asia Oil and Energy Development Corp. of the Phinma Group, has acquired One Subic Power Generation Corp., a power generation company that operates a diesel power plant in Subic Bay.

In a disclosure to the Philippine Stock Exchange, Trans-Asia said it has bought the entire outstanding stock of One Subic from Udenna Energy Corp.

“The acquisition of One Subic adds to Trans Asia’s growing generation portfolio, which already includes Trans-Asia’s diesel power plants in Norzagaray, Bulacan, Bacnotan, La Union and Guimaras; the Maibarara Geothermal plant, a portion of the Sem-Calaca power plant, and a 40-megawatt capacity from the Unified Leyte geothermal facilities,” Trans-Asia said.

In all, Trans-Asia Power will acquire a total of 200 million shares at P2.45 per share for a total cost of P490 million.

Trans-Asia is also constructing a 52-MW wind farm in San Lorenzo, Guimaras and a 135-MW coal power plant in Calaca, Batangas through South Luzon Thermal Energy Corp., a 50-50 joint venture with AC Energy Holdings, Inc., the energy subsidiary of Ayala Corp.

One Subic is the lessee and operator of the 116-MW diesel power plant located at the Subic Bay Freeport Zone.

Moving forward, Trans-Asia said it intends to double its power capacity to 400 MW in the next few years.

Trans-Asia has various investments in the energy sector. The company has power generation businesses by itself and through South Luzon Thermal Energy Corp., Trans-Asia Power Generation Corp. and CIP II Power Corp.

Trans-Asia is also involved in renewable energy development via, Trans-Asia Renewable Energy Corp. and Maibarara Geothermal Inc., as well as in electricity supply as a licensed retail electricity supplier and a licensed wholesale Aggregator.

The company said it is aiming to double its power capacity to 400 MW in the next few years upon completion of a new 135-MW clean coal power plant in Calaca, Batangas in partnership with the Ayala Group, an integrated 20-MW geothermal project in Sto. Tomas, Batangas with the Yuchengco Group and the Philippine National Oil Co., and the 54-MW Guimaras wind farm. (Iris C. Gonzales, The Philippine Star)