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InterGen Enters into Agreement with EGCO to Sell Interest in Philippines Facility

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May 15, 2012

InterGen Enters into Agreement with EGCO to Sell Interest in Philippines Facility

By Tanya Palta
TMCnet Contributing Writer

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InterGen, which is an international power generation firm based in Massachusetts, UK, the Netherlands, Mexico, the Philippines and Australia, announced a new collaboration with the EGCO Group. In a press release, InterGen announced that they have entered into a Purchase and Sale Agreement with the EGCO Group to sell its 45.8 percent interest in the Quezon Power Project in the Philippines for $375 million.


Thanks to its twelve power plants located globally, InterGen represents a total generation capacity of 8,146 MW (6,312 net equity MW), which is quite impressive. The global power firm is jointly owned by the Ontario Teachers' Pension Plan and China Huaneng Group, and now according to the new business deal, EGCO will also acquire 100 percent of the management services company. The management portion of the company primary provides management and administrative services to the Quezon Power Project and the acquisition is expected to close in the second quarter of 2012.

According to InterGen, the Quezon Power Project features a 460-megawatt (MW) coal-fired electric generating facility and a 31-kilometer transmission line in Mauban, Philippines. The power project started its operations in May of 2000 and from then has been providing electricity to the Luzon grid under a 25-year power sales agreement with the Manila Electric Company (Meralco).

"We are pleased to have come to this agreement with EGCO Group, a company with which we have enjoyed a very positive working relationship for the past several years," said Neil H. Smith, InterGen president and chief executive officer. "While we remain committed to growing our portfolio over the long term, this transaction represents a compelling opportunity to realize value from our investment in the Quezon Power Project.”




Edited by Brooke Neuman

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