# MGen and Aboitiz Power acquire 67% stake in SMC's $3.3B LNG project

Meralco Power Gen (MGen) and Aboitiz Power Corporation will acquire a 67% stake in SMC Global Power Holdings Corp.'s $3.3 billion integrated LNG project, including the existing 1,278 MW Ilijan gas plant, a 1,320 MW expansion, and an LNG import terminal, with MGen holding 60% of the acquired stake and Aboitiz Power 40%.

- Type: Acquisition
- Announced: 2024-03-03
- Where: Philippines
- Value: $3.30B
- Status: announced
- Capacity: 1,278 MW existing, 1,320 MW expansion
- Products: Liquefied natural gas (LNG) power generation
- Sectors: [Power Generation Equipment](https://endata.com/sectors/power-generation-equipment.md)

## Companies

- [Aboitiz Power Corporation](https://endata.com/companies/53723.md) (acquirer)
- [Meralco Power Gen](https://endata.com/companies/76016.md) (acquirer)
- [SMC Global Power Holdings Corp.](https://endata.com/companies/76017.md) (target)

## Sources

- [mb.com.ph](https://mb.com.ph/2024/3/3/meralco-subsidiary-corners-majority-stake-in-san-miguel-s-3-3-b-lng-project), 2024-03-02: "The power investment arm of Manila Electric Company (Meralco) will corner the majority stake of more than 40-percent in the $3.3 billion integrated liquefied natural gas (LNG) project originally owned and developed by SMC Global Power Holdings Corp."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.