By Danessa Rivera (The
Philippine Star) | Updated July 19, 2016 - 12:00am
MANILA, Philippines - After its
joint venture partner filed for bankruptcy, Aboitiz Power Corp. said it will
protect its interest in its first solar power project located in Negros
Occidental.
AboitizPower disclosed yesterday its
renewables unit Aboitiz Renewables Inc. issued default notices to Sun Edison
Philippines Helios BV, its joint venture partner in the 59-megawatt (MW) first
solar project in San Carlos City, Negros Occidental.
The company said SunEdison’s parent
company, Sun Edison Inc., filed a voluntary petition early this year for
reorganization under Chapter 11 of the US Bankruptcy Code.
Sought for comment, AboitizPower
president and COO Antonio Moraza said the company is assuring the public it
would exert all efforts to protect its interest.
“We are exercising our option based
on the shareholder’s agreement with Sun Edison Philippines. The issuance of the
default notices allows us to trigger the process aimed at protecting SaCaSun,”
he said.
The company official, however, did
not elaborate on the nature of its option under the agreement with SunEdison
Philippines.
“We would like to assure our
stakeholders that we remain committed to our solar project,” Moraza said.
In November 2014, AboitizPower and
California-based solar power developer SunEdison struck a deal to explore,
develop, construct and operate up to 300 MW of utility-scale solar photovoltaic
power generation projects in the Philippines over the next three years.
The deal was formalized in August
2015, when Aboitiz Renewables and SunEdison Philippines entered into a
shareholders’ agreement to form the joint venture firm Maaraw Holdings San
Carlos Inc., now called SaCaSun.
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