BG Group sells interest in Philippines plants to First Gen

BG Group today announced it had reached agreement to sell its 40 per cent equity interest in two gas-fired power generation plants in the Philippines to its partner in the facilities, First Gen Corporation, for $360m (£231m).

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