Aboitiz 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.
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.
