Singapore-based Keppel Infrastructure Trust ( KIT ) and Metro Pacific Investments Corporation ( MPIC ) have completed the sale of their aggregate 100% indirect stake in Philippine Coastal Storage & Pipeline Corporation ( PCSPC ).

The buyer is I Squared Capital, who was advised by Latham & Watkins.

PCSPC is the largest independent petroleum product import terminal in the Philippines, located in the Subic Bay Freeport Zone. With a capacity of 6.3 million barrels, the facility houses over 20% of the country’s import storage capacity.

It was previously acquired by KIT and MPIC from the Philippine Investment Alliance for Infrastructure Fund in 2021. The divestment is in line with KIT’s long-term investment strategy to focus on lower-carbon energy transition segments.

The transaction has an aggregate enterprise value of US$460 million, inclusive of US$181 million net debt. This excludes additional contingent payments of up to US$50 million subject to achieving performance milestones over the next three years.

Standard Chartered was the exclusive financial adviser to Keppel Infrastructure Fund Management as trustee-manager of KIT.

“This milestone transaction reflects our commitment to working with our clients on their energy transition initiatives and represents our long-standing support for the Keppel Group through multiple advisory and corporate financing engagements," says Wan Thonh Chow, head of coverage, Singapore and Asean, at Standard Chartered.

I Squared Capital is a US private equity firm focusing on global infrastructure investments. The company invests in energy, utilities, transport and telecom projects in Asia, Europe, and the Americas. The firm has over US$40 billion in assets under management.