Paul Hastings Represents Ayala Corporation on Acquisition of Strategic Stake in 600 MW Philippine Power Plant
Hong Kong (December 20, 2012) - Paul Hastings, a leading global law firm, announced today that it represented Ayala Corporation (Ayala), one of the Philippines largest conglomerates, on its execution of a definitive agreement to acquire an approximately 17.1% ownership interest in GNPower Mariveles Coal Plant Ltd Co. (GMCP) and its 2 x 300 MW coal-fired generating plant, located in Bataan province, Republic of the Philippines. The acquisition is priced at approximately US$155 million, and the closing of the acquisition is subject to lenders consent and other customary closing conditions. The interests are currently held by an affiliate of a fund managed by Denham Capital.
Ayala has a growing portfolio of energy projects and is looking to invest up to US$1 billion over the next five years in the transport infrastructure and power generation sectors in the Philippines, including in projects under the governments public private partnership program (PPP).
The Paul Hastings team was led by partners
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