Japan’s biggest power company to invest $1.58bn in Aboitiz
Japan’s largest power generation company JERA is investing US$1.58 billion in the Philippines’ leading electric services company Aboitiz Power, as they also purchase 27% of shares from Aboitiz Equity Ventures.
This move was made in hopes that the Japanese company can benefit from the growing electricity demand in the country while making a transition from coal to cleaner energy.
JERA President Satoshi Onoda said that they like working with Aboitiz as the company has a strong “motivation to strive toward taking measures against climate change.”
This measure includes Aboitiz’s initiative to increase its power generation from 4.6 gigawatts to 9.2 gigawatts by 2030, half of which would be renewable energy.
Under the partnership, JERA aims to share its Liquefied Natural Gas (LNG) procurement expertise with Aboitiz, offering its technologies in thermal power plants and renewable energy projects to the eclectic firm.
