June 15, 2016
from Manila Bulletin
Aboitiz Power Corp. (AboitizPower) has gained full ownership of East Asia Utilities Corporation (EAUC), the operator of the 50-MW oil-fired power plant in Mactan Island in Cebu City.
“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.”AboitizPower increased this June its ownership of EAUC from 50 percent to 100 percent, after forging a deal with its partner Avenue Asia.
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.
Nationwide, AboitizPower has a portfolio of geothermal, hydro, coal, oil, and solar power plants.
AboitizPower acquired its 50 percent ownership interest in EAUC from El Paso Philippines on April 20, 2007.