MANILA, Philippines – Aboitiz Power Corp. has added biomass to its renewable energy portfolio after its holding unit fully acquired Aboitiz Equity Ventures Inc.’s liquid bio-methane business for P605 million.
In separate disclosures yesterday, AEV and AboitizPower disclosed yesterday Aboitiz Renewables Inc. completed the acquisition of Aseagas Corp., the project company for the 8.8-megawatt (MW) biomass energy plant which utilizes organic wastes.
Aboitiz Renewables is a wholly-owned unit of AboitizPower, the power investment company of AEV.
The transaction, which amounts to P605 million, marks AboitizPower’s first foray into biomass technology.
The project will help AboitizPower meet its “target to increase its attributable net sellable capacity to 4,000 MW by 2020.”
In a text message, AboitizPower president and COO Antonio Moraza said the Aseagas acquisition will be used “as catapult to other biomass projects.”
“The addition of Aseagas and biomass technology intensifies AboitizPower’s efforts in expanding our renewable energy portfolio. We are excited about biomass and we hope to build more capacity through this technology,” he said in a statement.
Moraza said the biomass project will add 8.5 MW in additional capacity to the company’s power portfolio when it commences operation in September this year.
It will utilize and convert the organic effluent of its partner Absolut Distillery Inc. (ADI) into clean and renewable energy, providing electricity to around 22,000 households. It will also produce 33 tons per day of liquid carbon dioxide (LCO2) for the industrial and beverage industries.
For its part, AEV said “the disposal of the shares is in line with the overall strategy of rationalizing AEV’s investments.”
(The Philippine Star) | Updated July 6, 2016 – 12:00am