Handover of the Philippines' largest IPP business by full acquisition of Mirant Asia Pacific Limited stock

Jun. 22. 2007
The Tokyo Electric Power Company, Incorporated、Marubeni Corporation

The Tokyo Electric Power Company, Incorporated (“TEPCO”) and Marubeni Corporation (“Marubeni”) (jointly the “Consortium”) purchased all shares of Mirant Asia Pacific Limited (“MAPL”), the Philippines’ largest IPP holding company, and as of today completed the acquisition process. As announced on December 11, 2006, the Consortium executed MAPL’s Stock and Note Purchase Agreement with two subsidiaries of the Mirant Corporation, a US major IPP, and proceeded with transitional measures. 

From now on, TeaM Energy Corporation*1 (“TeaM”), a special purpose company established by the Consortium in the Philippines, will contribute to the stable electricity supply to the Metro Manila via long-term electricity purchase and fuel supply contracts with National Power Corporation, with approximately 20% of the generating capacity in the Luzon region, including Manila, the Philippine capital.

TEPCO trusts that, through utilizing its technical expertise and O&M know-how, it will be able to contribute to the Philippines’ electricity sector. TEPCO continues to develop overseas investment business in a proactive manner for further growth. 

Marubeni identifies Overseas IPP as one of the top priority fields of investment, and expanding its global asset portfolio. By participation to this acquisition, Marubeni will strengthen its high presence as the largest IPP player in the market of Philippines, together with contributing to the development of power project which is an essential infrastructure in the country.

*1: TEPCO and Marubeni established CrimsonPower Holdings Company, Inc. to acquire MAPL’s shares. After the post-closing reorganization, TeaM Energy Corporation will be a project company.

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