Electricity

Jera begins $1.58-billion acquisition in Philippines

Philippines

MANILA, September 29, 2021 – Japan’s Jera executed a share purchase agreement to acquire 27% of Philippine power producer Aboitiz Power Corporation for USD 1.58 billion, the buyer announced on Monday.

 

The deal will see Aboitiz Power Corporation retain the remaining shares.

Aboitiz Power Corporation is one of the country’s largest producers of electricity and looks to expand its power generation capacity to 9.2 GW and achieve a 50:50 clean energy and thermal capacity mix by 2030.

The partners are looking to collaborate on LNG-to-power projects, new generation technologies and participation in operations and maintenance.