SMC in talks to sell stake in Limay plant

DIVERSIFIED San Miguel Corp. (SMC) is discussing with cooperatives the possible sale of a portion of its stake in its clean coal-fired power plant in Limay, Bataan.

The country’s most diversified conglomerate has offered as much as 49% of the power plant’s ownership to cooperatives and other customers, its President and Chief Operating Officer Ramon S. Ang said.

Without going into details, Mr. Ang noted that talks between SMC and the cooperatives involved a sale and purchase agreement rather than an exclusive supply arrangement.

SMC owns and operates the 600-megawatt circulating fluidized bed power plant through SM Global Power Holdings Corp. The company will maintain control over the plant should negotiations with the cooperatives prosper.

Read more here.

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