3 tycoons’ Batangas LNG venture all set
Power firms of tycoons Ramon Ang, Manuel V. Pangilinan and Sabin Aboitiz announced the completion of financing for their landmark $3.3-billion deal to build an integrated liquefied natural gas (LNG) facility.
In separate disclosures on Tuesday, Meralco PowerGen Corp. (MGen), the subsidiary of power distributor Manila Electric Co., San Miguel Global Power Holdings Corp. (SMGP) and AboitizPower’s Therma NatGas Power Inc. (TNGP) said they had achieved the financial closing for the “first and most expansive” LNG facility in Batangas province.
Once fully operational, the LNG facility will augment the country’s power supply and promote “cleaner” energy.
Analysts said this significant investment in the power sector would benefit not only all parties involved but also Filipino consumers as they are assured of stable supply and lower electricity prices.
“This deal represents a massive investment in our country’s energy infrastructure that hopefully translates to lower energy prices. The government clearly recognizes the importance of LNG in diversifying the country’s power supply and ensuring energy security, and this new joint venture will play a major role in achieving those goals,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a Viber message to the Inquirer.
