MANILA -- Philippine conglomerate San Miguel, known for its eponymous beer, has acquired a power plant in the northern town of Masinloc with generating capacity of 630 megawatts for $1.9 billion -- one of the largest-ever deals in the Philippines' power sector.
San Miguel unit SMC Global Power Holdings sealed a deal on Dec. 18 to buy a 51% stake of AES of the U.S., and a 49% stake of EGCO Group of Thailand. AES and EGCO owned Masin-AES, which runs two 315-MW coal-fired power facilities in Masinloc in the northwestern province of Zambales.
