Mirant focuses on the Philippines

Debt-laden US power company, Mirant is selling assets to refocus on its profitable Philippines business.

In the space of a few weeks, debt-laden Mirant has divested itself of two of its major assets, which leaves its Asian business focused on the Philippines.

In its first move, the US power company sold its 33% stake in the Shajiao C power station in Guangdong. This 1980mw facility was sold for $300 million to China Resources, with ING and Morgan Stanley advising.

At the end of last week, ING again advised Mirant on the sale of a greenfield build-operate site in Korea. This was purchased by Meiya Power - a JV between the Asia Infrastructure Fund, PSEG Global and Hydro Quebec. The price was not disclosed, although it is...

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