Business World Online
Posted on September 29, 2015 10:29:00 PM
By Claire-Ann M. C. Feliciano, Senior Reporter
ABOITIZ Power Corp. (AboitizPower) has gained further traction overseas as it embarks on another partnership that would allow the company to participate in the development of a hydropower project in Indonesia.
This came more than a week after AboitizPower marked it maiden international venture through the acquisition of a participating stake in a geothermal project in the same Southeast Asian country.
In a disclosure yesterday, the listed power firm of the Aboitiz family said it “entered into an agreement with SN Power AS and PT Energi Infranusantara.”
The deal involves AboitizPower’s participation “in the feasibility studies for the exploration and development of a potential 127MW hydropower generation project along the Lariang River in Central Sulawesi.”
The project will be undertaken by PT Auriga Energi, which holds the license to develop the project.
The project company, AboitizPower said, is currently conducting pre-feasibility studies for the hydropower venture.
Antonio R. Moraza, AboitizPower president and chief operating officer, said in a text message that investment for the project will be determined upon completion of the feasibility studies.
“This is preliminary work, which can take several years before construction when the large expenditure actually happens,” Mr. Moraza said.
“Gestation for large hydro (projects) can be about eight years,” he added.
This venture serves as the company’s second project outside the Philippines, the first one being a potential geothermal project also in Indonesia.
AboitizPower’s wholly owned AboitizPower International Pte. Ltd. last Sept. 18 entered into an agreement with PT Medco Power Indonesia to participate in the exploration and development of a potential 100-MW greenfield geothermal plant in East Java.
The project will be undertaken through PT Medco Cahaya Geothermal, which is a subsidiary of PT Medco Power Indonesia.
Mr. Moraza said then that AboitizPower will take in a 49% interest in the project, which is currently in the exploratory stage.
AboitizPower -- which is one of three power generators in the Philippines -- has been exploring expansion opportunities in Southeast Asia.
“We’re basically looking at Indonesia as an opportunity. We’ve seen people and we’ve introduced ourselves but there’s nothing firm yet,” AboitizPower Chief Executive Officer Erramon I. Aboitiz said earlier.
Aside from Indonesia, officials then said Myanmar, Vietnam and Papua New Guinea are also within the company’s radar.
AboitizPower currently has an attributable power portfolio totaling about 2,300 MW -- involving coal, geothermal, hydropower and oil-based facilities.
The firm committed to have a portfolio of around 4,000 MW in the next five years as it continues to explore expansion opportunities locally and overseas.
AboitizPower is the power arm of Aboitiz Equity Ventures, Inc. -- the listed holding firm of Aboitiz-owned businesses, which also include real estate, food and banking. source
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