BG Sells Stake in Philippines Gas Power Plants
BG Group today said it had reached agreement to sell its 40% equity interest in two gas-fired power generation plants in the Philippines to its partner in the facilities, First Gen Corporation, for net cash proceeds of $360 million.
The sale and purchase agreement, completed on signing, covers the 1 000 megawatt Santa Rita power plant and the 500 megawatt San Lorenzo power plant, both on the island of Luzon.
BG Group Chief Executive Sir Frank Chapman said: “The sale of our interest in these power generation plants in the Philippines is another step to realising the planned release of $5 billion of capital in the next two years. This deal, along with strategic divestments already announced this year, will release some
$3.6 billion from BG Group’s balance sheet.”
LNG World News Staff, May 30, 2012