Business World Online
Posted on September 19, 2014 06:03:00 PM
THE Aboitiz Group plans to further expand its power generation business by venturing into solar energy through a partnership with another firm, an official said in a recent interview.
“We are trying some solar -- very small-scale -- just to understand it,” Stephen G. Paradies, senior vice-president and chief financial officer of Aboitiz Equity Ventures, Inc. (AEV).
“We think solar has a good future and we would like to be part of that. We are doing some small ones and trying to understand the technology and the dynamics of solar power,” he added.
A solar project will be under Aboitiz Power Corp. (AboitizPower), which is the power generation and distribution arm of AEV.
But Mr. Paradies said the company has yet to determine the capacity of a project as it still depends on the ongoing study.
“We are experimenting on few things now. We’re doing solar on rooftops,” he said.
Asked if the company is open for joint ventures in this project, he replied: “Yes. We’re partnering with somebody that’s in the business already.”
AboitizPower is keen on expanding its presence locally. The company is also exploring potential power projects in Southeast Asia.
Chief Executive Officer Erramon I. Aboitiz told reporters last week that the AboitizPower is interested at all state-owned power assets that will be auctioned off by the government.
Currently on its radar are the independent power producer administrator contracts for three assets that will be soon privatized by the Power Sector Assets and Liabilities Management Corp.
Shares of the company last traded at P40.15 on Thursday. Financial markets were closed on Friday due to the inclement weather. -- Claire-Ann Marie C. Feliciano source
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