The sale and purchase agreement 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 $5 billion of capital in the next two years. This deal, along with strategic divestments already announced this year, will release some $3.6 billion from BG Group's balance sheet."
BG Group, active in more than 25 countries on five continents, has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG) and transmission and distribution business interests.
BG sells interest in Philippines power plants to First Gen
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