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InterGen sells stake in Philippine power plant for $375m

17 May 2012

InterGen has inked a deal with Thailand-based power company EGCO Group to sell its 45.8% stake in the Quezon Power Project in the Philippines for $375m.

The transaction also includes a 100% interest in InterGen Management Services, the management services company which offers management and administrative services to the Quezon Power Project.

InterGen president and chief executive officer Neil H. Smith said, "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."

Upon completion in the second quarter of 2012, the deal will raise EGCO's interest in Quezon Power to 98%.

The Quezon Power Project, a 460MW coal-fired power plant, began operational in May 2000 and offers electricity to the Luzon grid under a 25-year deal with the Manila Electric Company.

The facility also has a 31km transmission line in Mauban, Philippines.