SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – The group led by businessman Manuel V. Pangilinan completed the estimated US$488-million purchase of a 70% stake in a new Singapore natural gas power plant construction project on March 28.
Diversified conglomerate First Pacific Co. Ltd. disclosed to the Hong Kong stock exchange that the sale and purchase agreement between its unit, FPM Power Holdings, and GMR Infrastructure (Singapore) Pte. Ltd. that was announced last March 4 has been finalized, making the Pangilinan-led group the controlling entity in the new Singapore power project.
At stake is the construction, operation and maintenance of an 800-megawatt two-unit natural gas-fueled power plant being constructed on Jurong Island.
GMR Energy (Singapore) Pte. Ltd has completed over 90% of the project.
Malaysia’s Petronas holds the remaining 30% of the facility.
The plant is expected to start commercial operations by yearend. The power generated by the plant will be sold to Singapore’s SP Power Assets Ltd. and the retail market.
FPM Power is the first joint venture between Hong Kong-based First Pacific and Meralco, the Philippines’ biggest power retailer.
The Singapore power project is Meralco’s first power project outside the Philippines.
GMR Group is an Indian infrastructure company based in Bangalore with interests in airports, power and roads. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.