OREANDA-NEWS. June 7, 2012. BG Group announced it had reached agreement to sell its 40% equity interest in two gas-fired power generation plants in the Philippines to its partner in the facilities, First Gen Corporation, for net cash proceeds of USD 360 million.

The sale and purchase agreement, completed on signing, covers the 1 000 megawatt Santa Rita power plant and the 500 megawatt San Lorenzo power plant, both on the island of Luzon.

BG Group Chief Executive Sir Frank Chapman said: “The sale of our interest in these power generation plants in the Philippines is another step to realising the planned release of USD 5 billion of capital in the next two years. This deal, along with strategic divestments already announced this year, will release some USD 3.6 billion from BG Group’s balance sheet.”