AEV To Raise USD1.46 Billion From Japan-Based JERA
Aboitiz EyesAboitiz Equity Ventures Inc. (AEV) is pleased to announce the sale of 25.01% stake in its PSE-listed subsidiary Aboitiz Power Corporation (AP) to JERA Co., Inc. (JERA), Japan’s largest power generation company for a cash consideration of approximately USD1.463 billion.
The transaction is subject to the necessary customary approvals.
Aboitiz & Company, the Aboitiz family’s privately held holding firm, has also agreed to sell an additional 1.99% stake in AboitizPower, bringing JERA’s total post-transaction stake to 27.0%. AEV will own a controlling stake of 52.0% in AboitizPower upon completion of the transaction.
This transaction unlocks significant capital that will be used toward fueling the AEV Group’s growth initiatives. Most importantly, we look forward to the new strategic partnership with JERA as we welcome their trust, expertise, and commitment to help the AEV Group drive change for a better world by accelerating Philippine economic growth and promoting the development of clean energy.
– Sabin M. Aboitiz, President and Chief Executive Officer, Aboitiz Group
AboitizPower and JERA have identified potential areas for collaboration across multiple fronts including; joint development of LNG-to-Power projects; the fuel sourcing and management of LNG; potential participation in aspects of plant O&M; and exploration of the use of new generation technologies.
“We look forward to working collaboratively with JERA to achieve our 10-year vision of increasing our generation portfolio to 9,200MW, by adding 3,700MW of RE capacity resulting to a 50:50 balance between our Cleanergy and thermal portfolios,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said.
