Paul Hastings, a leading global law firm, announced today that it represented Ayala Corporation (“Ayala”), one of the Philippines’ largest conglomerates, on its execution of a definitive agreement to acquire an approximately 17.1% ownership interest in GNPower Mariveles Coal Plant Ltd Co. (“GMCP”) and its 2 x 300 MW coal-fired generating plant, located in Bataan province, Republic of the Philippines. The acquisition is priced at approximately US$155 million, and the closing of the acquisition is subject to lender’s consent and other customary closing conditions. The interests are currently held by an affiliate of a fund managed by Denham Capital.
Ayala has a growing portfolio of energy projects and is looking to invest up to US$1 billion over the next five years in the transport infrastructure and power generation sectors in the Philippines, including in projects under the government’s public private partnership program (“PPP”).
The Paul Hastings team was led by partners Patricia Tan Openshaw and Derek Roth with support from associate Lisa Park.
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