The Japanese trading company and Alsons have already signed the shareholders agreement finalizing the purchase, reports Sun Star.
Currently, the first 105MW phase of the power plant is being built by SEC at a cost of $310m. The power plant with full two-phase capacity of 210MW will help in solving power shortage problem in Mindanao.
ACR chief financial officer Luis R Ymson said 30% of the project cost, which would be spend over the next three years of construction, will come from ACR and Toyota Tsusho on a 75:25 basis.
The remaining 70% of the project costs will come from a project financing facility for SEC to be finalized soon, Ymson added.
A power sales agreement has been signed by Sarangani Energy and South Cotabato II Electric Cooperative for the supply of 70MW of electricity.
Civil works are expected to begin in the first quarter of 2013, and the phase 1 of the Maasim coal-fired power plant is likely to start operation by August 2015, according to Alsons.
