AboitizPower acquires full ownership of East Asia Utilities

by Lenie LecturaJune 15, 2016

from Business Mirror

ABOITIZ Power Corp. (AboitizPower) has acquired full ownership of East Asia Utilities Corp. (EAUC), the operator of the 50-megawatt (MW) oil-fired power plant in Mactan Island, Cebu.

This after AboitizPower acquired another 50 percent in EAUC for P509.41 million.

The power firm acquired its 50-percent ownership in EAUC from El Paso Philippines on April 20, 2007. The remaining 50 percent was acquired on June 14, following a deal forged with its partner Avenue 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 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.

Aboitiz Power has a portfolio of geothermal, hydro, coal, oil and solar-power plants. It is the holding company for the Aboitiz Group’s investments in power generation, distribution and retail-electricity services.

The company is one of the largest power producers in the Philippines. It is a major producer of Cleanergy, its brand for clean and renewable energy with several hydroelectric and geothermal power-generation facilities. It also has various fossil-fired power plants in its generation portfolio to support the baseload and peak- energy demands of the country.

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.