Thursday, August 28, 2014

AboitizPower unit takes in Vivant as new investor for Cebu plant

Business World Online
Posted on August 28, 2014 09:59:00 PM

A UNIT of Aboitiz Power Corp. (AboitizPower) has attracted a new investor ahead of the commercial operations of its 300-megawatt (MW) coal-fired power plant in Cebu, the parent company said in a disclosure on Thursday.

“Therma Power, Inc. (TPI) entered into a shareholders’ agreement with Vivant Integrated Generation Corporation (VIGC) for the latter’s participation of up to 20% interest in Therma Visayas, Inc. (TVI)…” according to the disclosure.

TVI is the project proponent of a coal plant -- involving two 150-MW units -- that will be built in Barangay Bato, Toledo City.

TPI is the holding company of AboitizPower’s investments in non-renewable generation assets.

VIGC, on the other hand, is a wholly owned subsidiary of Vivant Energy Corp. -- which in turn is 100% owned by listed Vivant Corp.

In its latest quarterly report, AboitizPower said that the notice to proceed (NTP) with all engineering procurement and construction (EPC) activities for the project will be issued by December.

A limited NTP -- involving engineering design and detailed subsurface site investigations -- was issued in May after the EPC contract was awarded to Hyundai Engineering Co. Ltd.

The P41-billion project is expected to be fully operational by early 2018.

The project site was acquired in December 2011 and an environmental compliance certificate for the plant was secured in May last year.

AboitizPower is the power generation and distribution arm of Aboitiz Equity Ventures, Inc., which in turn serves as the listed holding firm of the Aboitiz family.

Shares of AboitizPower shed 30 centavos or 0.77% to end at P38.60 on Thursday, while those of Vivant gained 98 centavos or 8.89% to P12. -- Claire-Ann Marie C. Feliciano   source

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