Posted on July 19,
2016
ABOITIZ Renewables, Inc. said it issued default notices to its joint venture partner Sun Edison Philippines Helios BV, claiming violations of certain provisions of their agreement.
In
a disclosure to the Philippine Stock Exchange on Monday, AboitizPower Corp.
said its subsidiary issued the default notices after Sun Edison filed for
reorganization earlier this year.
The joint venture, San Carlos Power, Inc., was formed in late 2014 to develop and operate solar power plants with a total capacity of 300 megawatts.
San Carlos announced in March that it has started supplying power to the Visayas grid after finishing the construction and commissioning of its 59-megawatt solar power project in Negros Occidental.
The project requires an investment of P4.9 billion. It was completed before the March 15 deadline set by the Department of Energy for power developers to avail of the guaranteed tariff for each kilowatt-hour of electricity fed into the grid.
AboitizPower closed 40 centavos or 0.88% lower at P45 on Monday. -- Keith Richard D. Mariano
The joint venture, San Carlos Power, Inc., was formed in late 2014 to develop and operate solar power plants with a total capacity of 300 megawatts.
San Carlos announced in March that it has started supplying power to the Visayas grid after finishing the construction and commissioning of its 59-megawatt solar power project in Negros Occidental.
The project requires an investment of P4.9 billion. It was completed before the March 15 deadline set by the Department of Energy for power developers to avail of the guaranteed tariff for each kilowatt-hour of electricity fed into the grid.
AboitizPower closed 40 centavos or 0.88% lower at P45 on Monday. -- Keith Richard D. Mariano
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