By
Lenie Lectura - December 4, 2017
ABOITIZ Power Corp.
said on Monday that it would explore options amid the shutdown of its wholly
owned subsidiary Aseagas Corp.’s biomass power plant.
“This continued
shutdown will allow us to look at our options, taking into consideration the
interests of all our stakeholders,” AboitizPower President Antonio Moraza said.
Aseagas’s 8.8-megawatt
(MW) biomass plant in Lian, Batangas, stopped operations on November 24 due to
unavailability of the supply of organic effluent wastewater from Absolut
Distillers Inc.
While on shutdown,
Aseagas can further assess the plant’s technical problems and determine the
appropriate way forward for the facility, according to Moraza.
“After evaluating the
circumstances and the ongoing technical problems relating to the plant’s fuel
stock and digester components, Aseagas decided to maintain the shutdown and to
determine the appropriate way forward,” an Aseagas statement said.
Separately, Aseagas
disclosed that it prepaid its outstanding loan of P2.368 billion with the
Development Bank of the Philippines. Aseagas also has invested equity of around
P950 million for the biomass plant and has around P460 million in outstanding
liabilities.
“Despite these
challenges, our other projects are progressing as planned,” Moraza said. He
added that about 500 MW of attributable capacity, mainly from baseload and hydropower
plants, will come online in 2018.
“We are on track to
meeting our 4,000-MW net attributable capacity target by 2020.”
Aseagas is a wholly
owned subsidiary through Aboitiz Renewables Inc., its holding company for its
investments in renewable energy.
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