posted July 05, 2016 at
11:45 pm by Alena Mae S. Flores
Aboitiz Renewables
Inc., the renewable energy arm of Aboitiz Power Corp., said Tuesday it
completed the acquisition of an 8.8-megawatt biomass energy facility being
built by Aseagas Corp. in Lian, Batangas.
Aboitiz Power said its
renewable unit acquired Aseagas from parent company Aboitiz Equity Ventures
Inc. for P605 million.
“The addition of
Aseagas and biomass technology intensifies Aboitiz Power’s efforts in expanding
our renewable energy portfolio. We are excited about biomass and we hope to
build more capacity through this technology,” said Aboitiz Power president and
chief operating officer Antonio Moraza.
“We have always
expressed that Aboitiz Power will continue pursuing renewable energy as long as
it is available and viable; this project is a testament to that commitment,”
Moraza said.
The biomass power plant
is expected to become fully operational and deliver power to the Luzon grid
before the fourth quarter of 2016.
This is the first foray
of Aboitiz Power into biomass technology, and is set to boost the company’s
renewable energy capacity under the Cleanergy brand, he said.
The sale involved 72.71
million common shares and 654.3 million redeemable preferred shares priced at
P0.832175 and P0.832175, respectively.
The board of Aboitiz
Equity approved the sale of all of its equity interests in Aseagas to
Aboitiz Renewables in April.
“The acquisition of the
shares in Aseagas is in line with Aboitiz Power’s target to increase its
attributable net sellable capacity to 4,000 megawatts by 2020,” Aboitiz Power
said in a disclosure to the Philippine Stock Exchange.
Aboitiz Power also ventured
for the first time into solar power, with the inauguration of the San Carlos
Sun Power, Inc.’s 59-MWp solar power plant in Negros Occidental in April.
The first Aseagas
biomass facility will utilize and convert the organic effluent of its partner
Absolut Distillery Inc. into clean and renewable energy, which will help power
around 22,000 households. It will also produce 33 tons per day of liquid carbon
dioxide for the industrial and beverage industries.
Aboitiz Power now has
an extensive renewable energy footprint nationwide with its large hydro,
run-of-river hydro, geothermal, solar and now biomass power plants.
Aboitiz Power and its
partners produce 3,350 MW of total net sellable capacity, 38-percent of which
comes from its renewable power plants all over the country.
Aseagas chief operating
officer Juan Alfonso said the strong partnership of Aseagas and Absolut would
ensure the sustainability and continued operations of the biomass facility in
Lian.
“During the 24-month
construction period, the team was able to reach the safety milestone of 1
million hours without lost time incident. We look forward to full operations of
the plant within this year,” said Alfonso.
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