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Philippines' Aboitiz Power buys into coal-fired plants for $1.2bn

MANILA -- Aboitiz Power is set to acquire substantial stakes in two coal-fired plant companies for $1.2 billion, advancing its bid to secure 4,000 megawatts of generation capacity by 2020.

The deal came after Therma Power, a unit of Aboitiz Power, on Monday announced it was chosen as the preferred bidder by investment funds affiliated with Blackstone Group for the sale of their interests in GNPower Mariveles Coal Plant (GMCP) and GNPower Dinginin (GNPD).

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