Global Business Power Corporation (GBPC) , formerly Mirant Global Corporation (MGC) , is owned and controlled by the Metrobank Group*. It is 50% owned by the ARETA Offshore Ventures Ltd. , 38% by Global Business Holdings Inc. , and 12% by First Metro Investment Corporation. GBPC boasts a total of 227MW installed capacity in the Visayas Region and Mindoro Province. On top of this, two power plants with a combined capacity of 17. 5mw have been installed in the Province of Aklan. Other projects are in the works around the country. Gbpc plants are fueled by diesel fuel or coal, although alternative sources of energy are also being explored. The power plants are all under Build-Operate-Own (BOO) contracts with private utilities and local electric cooperatives in their area. GBPC has three (3) main subsidiaries: Toledo Power Company (TPC) , Mirant (Philippines) Island Generation Corporation (MPIGC) and Claredon Tower Holdings Inc. (CTHI) .