STEAG State Power Inc.
STEAG State Power Inc (SPI) is a special purpose company established to own, build and operate the Mindanao Power Plant. It is majority owned by Evonik Steag GmbH which is part of the German conglomerate Evonik Industries AG based in Essen, Germany.
Evonik is the creative industrial group with business operations in over 100 countries around the world. It is a global leader in specialty chemicals, an expert in power generation, and one of the largest private residential real estate companies in Germany.
Steag, which is Evonik’s Energy Business Area, is Germany’s fifth largest power producer. It specializes in the production of electricity from coal and renewable sources. As a full-service provider, it focuses on engineering and consulting skills in the design, building and operation of ultra-modern power plants worldwide.
With more than 70 years experience in the power industry, it has developed over the years into a successful international Independent Power Producer (IPP). It employs a workforce of about 4,600 in its 66 business locations in ten countries worldwide (Germany, Turkey, Philippines, Colombia, Poland, Singapore, India, USA, Brazil and Nigeria).
In line with its corporate strategy of reducing shareholding in its international power plant projects to not less than 51% and to operate these power plants jointly with reliable local partners, Evonik Steag divested shares in the equivalent of 34% of the outstanding capital stock of SPI to Aboitiz Power Corporation (APC). Evonik Steag remains as SPI’s majority shareholder at 51% while the remaining 15% is held by La Filipina Uy Gongco Corporation.
During its first two years of operation, SPI accounted for a substantial 20% of Mindanao’s energy supply, delivering a total of 1.4 million MWh and 1.33 million MWh in 2007 and 2008, respectively.