MANILA - San Miguel Corp said Monday its power generation arm, would acquire the 630-MW Masinloc power plant for $1.9 billion.

San Miguel Global Power Holdings will buy shares of Masin-AES equity holders AES Philippines Investment and Gen Plus, the company said in a statement.

"The additional power assets provide us an opportunity to increase our footprint in clean coal technology that provides reliable and affordable power, particularly in Luzon," San Miguel president Ramon Ang said.

The sale will include a 335-MW coal-fired unit, currently under construction and a 10-MW energy storage project under commissioning.

The agreement is subject to the approval of the Philippine Competition Commission and the the final execution of agreements, San Miguel said.