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).
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