ACE Exenor Inc., a company led by the Ayala Group, said Friday it signed shareholders and subscription agreements with power plant developer Batangas Clean Energy Inc. and Gen X Energy L.P. of Blackstone Inc. to build a 1,100-megawatt combined cycle power plant.
ACE Exenor said in a disclosure to the stock exchange the agreements were signed on Jan. 14.
ACE Exenor, Buendia Christiana Holdings Corp., Red Holdings B.V., BCE and Gen X Energy signed an investment agreement in November to develop the combined cycle power plant that will use natural gas or green hydrogen as fuel to meet the country’s growing energy demand.
The joint venture will be coursed through BCE, the special purpose vehicle company where ACE Exenor and Gen X Energy will each own a 50-percent interest, subject to the satisfaction of agreed conditions and execution of further definitive documents.
Gen X Energy is a portfolio company of Blackstone Inc., the world’s largest alternative asset manager.
ACE Exenor will subscribe to shares in BCE, subject to satisfaction of agreed conditions precedent and execution of definitive documents, including a shareholders’ agreement.
BCE will file an application for the increase in its authorized capital stock with the Securities and Exchange Commission.
ACE Exenor will subscribe to a total of 150,002 shares in BCE for a subscription price of P150.22 million.