The Aboitiz Group is acquiring beneficial interests from Blackstone Group-affiliated investment funds in two GNPower coal-fired power plants in Bataan for  about $1.2 billion to meet its 4,000-megawatt (MW) capacity target in the next five years.

Aboitiz Power Corp. announced yesterday its wholly owned unit Therma Power Inc. has finalized the purchase and sale agreements for the acquisition of the partnership interests held by affiliated investment funds of The Blackstone Group  – World Power Holdings L.P. and Sithe Global Power L.P. – in GNPower Mariveles Coal Plant Ltd. Co. and GNPower Dinginin Ltd. Co., respectively.

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