Global energy-focused private equity firm Denham Capital has agreed to sell its stake in the GNPower Mariveles project, a 600MW power generating plant currently undergoing commissioning in the Philippines’ Bataan province.
The stake is to be sold to Ayala Corporation, a Philippines-based conglomerate, for $155m.
Denham’s initial investment in the Mariveles project was made alongside project developer Power Partners in June 2007, with financing from a consortium of Chinese and Filipino banks.
Mariveles is the only large-scale plant scheduled to come online in the Philippines in 2013, and will be a low-cost source of power to help fill the nation’s anticipated power supply needs, Denham said.
In April this year Denham closed its sixth fund, Denham Commodity Partners Fund VI, on $3bn.
The fund was launched last July and was oversubscribed, exceeding the targeted cover amount of $2.5bn. Nearly 90 per cent of Denham’s existing investors participated in Fund VI, the firm said.
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