Meralco PowerGen Corporation and Aboitiz Power Corporation agreed to, through their 60%:40% joint venture Chromite Gas Holdings Inc., jointly invest in 67% of two gas-fired power plants of San Miguel Global Power Holdings Corp. ("SMGP") comprising a 1,278 MW Ilijan power plant and a new 1,320 MW combined cycle power facility which is expected to start operations by the end of 2024. MGen and AP also agreed to, together with SMGP, invest in approximately 100% of a liquefied natural gas ("LNG") import and regasification terminal.

The proposed collaboration venture among the parties is valued at approximately $3.3 billion enterprise value, whilst, MGen's equity contribution will be approximately $1.2 billion prior to any asset-level debt financing that may be considered. The proposed transaction is set to launch the Philippines' first and most expansive integrated LNG facility in Batangas and is expected to be a landmark development for the Philippines' energy sector.