Danessa Rivera (The Philippine Star)
- September 23, 2019 - 12:00am
MANILA, Philippines — Aboitiz Power
Corp. is hoping to finally unload its 8.8-megawatt (MW) biomass power plant in
Lian, Batangas after it hired Astoca Inc. to sell the assets.
“We’ve appointed a company called
Astoca to liquidate the assets, to look for buyers,” AboitizPower COO Emmanuel
Rubio said in an interview.
Based on its website, Astoca—short
for “assets to cash”—is a leading industrial asset disposal and valuation
advisory company in Asia.
Rubio said the sale process for the
biomass plant has already started
“Let’s see. I think that’s going to
be a better process than us going direct (in selling),” he said.
In May 2018, AboitizPower announced
plans to sell the biomass power project after it decided to stop operating the
facility.
The firm garnered interests from two
parties—one local and one foreign—to acquire the power facility. However,
nothing has materialized from discussions with the interested parties.
The 8.8-MW biomass plant is the
group’s first biomass project, which was supposed to start commercially
operating in the second quarter of 2017.
It is under Aseagas Corp., a wholly
owned subsidiary of AboitizPower through Aboitiz Renewables Inc., its holding
company for investments in renewable energy.
However, Aseagas permanently ceased
operations of the facility in January 2018. Before that, the plant was
previously placed on extended shutdown towards the end of 2017 due to lack of
feedstock.
As a result of the closure, total
value affected is estimated to be at P3.7 billion, which represents Aseagas
invested equity of P3.45 billion and the company’s estimated remaining
obligations of around P250 million.
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