Atom Henares takes management of STEAG State Energy

SPC Energy Corp., led by its chairman Alfredo “Atom” Henares, has acquired the 51 p.c stake of STEAG GMBH in STEAG State Energy Inc. (SPI) for nearly $52 million (roughly P2.67 billion).

In a disclosure to the stock alternate, SPC said the acquisition was in line with efforts to help growth and deal with the nation’s need for reliable, cheap and sustainable power present.

Underneath the deal signed by the occasions, SPC and its affiliate Intrepid Holdings Inc. shall buy 40.5 p.c and 10.5 p.c, respectively, of the German company’s stake in SPI ”

Different SPI shareholders embrace Aboitiz Energy Corp. and La Filipina Uygongco Corp.

“The consideration for the switch of the possession rights over the shares shall be the sum of the consideration for the widespread shares of $33.889 million and the consideration for the redeemable shares of $18.11 million,” SPC said.

SPI owns and operates the 210 megawatt coal-fired thermal power plant in Misamis Oriental.

The plant was constructed by means of a build-operate-transfer scheme, with the Nationwide Energy Corp. as the other get collectively to the power purchase settlement with a interval of 25 years.