The power plant was a project of South Luzon Thermal Corp. (SLTEC), a company jointly owned by Trans-Asia Oil and Energy Development Corp. of the PHINMA Group and
AC Energy (ACEN) of the
Ayala Group. The first unit of SLTEC's coal power station in
Calaca,
Batangas became operational on April 24, 2015 By 2021, ACEN would acquire full stakes on SLTEC, acquiring the shares of Axia Power Holdings Philippines of
Marubeni. ACEN would completely divest it shares on SLTEC in 2022, marking its full transition to renewable energy. This marks the commencement of the plant's early retirement by 2030. ==References==