GNPower Mariveles Energy Center Ltd. Co. (“GMEC”) is a private limited partnership organized and registered with the Securities and Exchange Commission engaged in the operation and ownership of approximately 2x345MW (gross) coal-fired power plant (the “GMEC Facility”) in Mariveles, Bataan.
The GMEC Facility is situated in Bataan Province in the Philippines, at the north entrance to Manila Bay. It is on the shoreline facing south, overlooking Corregidor Island some 5km off shore. The town of Mariveles is some 5km west of the site. The geology and topography of the region is dominated by its volcanic origins, Mount Pinatubo (which last erupted in 1991) being some 80km to the north of the site. The region around Manila has a moderate earthquake and a high typhoon exposure.
The GMEC Facility is one of the newest, lowest-cost power generation facilities in the Philippines that fully complies with the most stringent local (Department of Environment and Natural Resources) and international (World Bank and Equator Principles) environmental and emission standards.
The equity owners of GMEC are:
- Therma Power, Inc., a wholly owned subsidiary of Aboitiz Power Corporation (“AboitizPower”);
- AC Energy and Infrastructure Corporation (formerly AC Energy, Inc.) (“ACEIC”); and,
- Power Partners Ltd. Co. (“Power Partners”).
Therma Power, Inc.
AboitizPower’s investments and interests in various non-renewable energy projects are held primarily through its wholly-owned subsidiary, Therma Power, Inc. (“TPI”) and its subsidiary power generation companies. TPI was incorporated on October 26, 2007.
AC Energy and Infrastructure Corporation
AC Energy and Infrastructure Corporation or ACEIC (formerly AC Energy, Inc.) is the holding company for Ayala’s energy and infrastructure businesses, and owns majority interest in ACEN. ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5 GW of renewables capacity by 2025.
ACEIC is also recognized as a reputable issuer of green bonds, having successfully issued a total of US$470mn in green bonds and US$700mn in perpetual green bonds under green bond frameworks compliant with international standards from 2019 to 2020.
Power Partners is a private limited partnership established to develop and operate power projects in the Philippines. It was formed by Daniel E. Chalmers, John A. Becker and Francis J. Donohue, who have extensive backgrounds in power project development both in the Philippines and around the world.
GMEC is the flagship project of Power Partners, which was successfully financed in January 2010, winning numerous international financing awards, and achieved commercial operations in January 2014.
Power Partners is also an owner in the 4x154MW (gross) coal-fired power plant project of GNPower Kauswagan Ltd. Co. in Lanao del Norte and the 2x744MW (gross) supercritical power plant project of GNPower Dinginin Ltd. Co.