Global Business Power acquires 50% stake in Alson Thermal Energy Corp.

PJSLaw acted as transaction counsel to Global Business Power Corporation (GBP)’s entry in the Mindanao power market through the acquisition of a significant stake in a 210MW coal-fired power plant in a 210MW coal-fired power plant in Sarangani province.

GBP, an associate of Metro Pacific Investments Corp. (MPIC), has entered into an agreement with Alsons Consolidated Resources, Inc. (ACR) to acquire, subject to the fulfilment of certain conditions precedent, a 50% stake in Alson Thermal Energy Corp. (ATEC), the holding company for the baseload coal-fired power plant and a subsidiary of ACR.

ATEC holds 75% of the 210MW coal-fired power plant in Maasim, Sarangani, owned and operated by Sarangani Energy Corporation. ATEC will also assume ACR’s stake in San Ramon Power, Inc. which is developing another 105MW coal-fired power plant in Zamboanga City.

PJSLaw Partners Najha Katrina J. Estrella and Regina Jacinto-Barrientos, together with Senior Associate Jewelynn Gay B. Zareno, led the PJS team in this transaction.

“We are extremely pleased to have assisted GBP in this deal. PJS was mindful of the strategic value of this deal for the client and this was the driver for the dedication and hard work put in by the team all throughout the course of the transaction,” commented Managing Partner, Regina Jacinto-Barrientos.

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