Thai power company ups stake in Quezon plant for $375M

Posted at 05/14/12 11:25 AM

BANGKOK - Thailand's second-largest private power producer, Electricity Generating Pcl  (EGCO), said on Monday it would spend $375 million to buy an additional 45.875 percent stake in Quezon power plant in the Philippines.

The transaction, expected to be completed in the second quarter, will raise EGCO's holding in Quezon Power to 98 percent. Quezon owns and operates a 503 MW coal-fired power plan.

The deal would also include a 100 percent stake in InterGen Management Services (Philippines) Ltd, which provides project management and administrative services to Quezon Power, EGCO said in a statement to the stock exchange.