AboitizPower acquires diesel plant operator
Therma Power Inc., a wholly owned subsidiary of Aboitiz Power Corp., acquired El Paso Philippines Energy Co. Inc.’s (EPPECI) 50-percent interest in East Asia Utilities Corp. (EAUC) to boost its power capacity.
The acquisition of the EAUC shares is in line with AboitizPower’s target to increase its attributable net sellable capacity to 4,000 megawatts by 2020.
EAUC is a power generation company operating in Mactan, Cebu. It owns and operates a 50-MW diesel-fired power station in Cebu province.
AboitizPower increased this month its ownership of EAUC to 100 percent from 50 percent after forging a deal with partner East Asia.
“The acquisition is in line with AboitizPower’s target to increase our net attributable capacity to 4,000 MW by 2020,” AboitizPower president and COO Antonio R. Moraza said.
“Reliable peaking power plants are part of our bigger objective of creating a right-mix of power supply for our customers.”
EAUC operates a Bunker C-fired power plant with an installed capacity of 50 MW in Barangay Ibo, Lapu-Lapu City in Cebu. The power plant has the capability of providing critical peaking and ancillary services to the Visayas grid.
AboitizPower initially acquired a 50-percent interest in EAUC from El Paso Philippines on April 20, 2007.
AboitizPower has an attributable power portfolio totaling about 2,400 MW from coal, geothermal, hydro and oil-based facility sources. It currently has 915 MW of renewable energy.
In early June, AboitizPower officials announced that the company might add about 2,000 MW of power capacity over the next five years.
AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services.
It is one of the largest power producers in the Philippines with a right-mix portfolio of assets located across the country. It is a major producer of Cleanergy, its brand for clean and renewable energy with several hydroelectric and geothermal power generation facilities.
The company also owns distribution utilities that operate in high-growth areas in Luzon, Visayas, and Mindanao, including the second and third largest private utilities in the country.
