Aboitiz Power Corp. has completed the acquisition of the 8.8-megawatt (MW) Aseagas biomass energy facility under construction in Lian, Batangas.
The acquisition is part of the initiative to expand the company’s renewable energy (RE) portfolio.
Aboitiz Renewables Inc., the holding company of Aboitiz Power Corp.’s investment in renewable energy, formalized the acquisition of Aseagas Corp. from Aboitiz Equity Ventures Inc.
“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,” AboitizPower President and COO Antonio Moraza said.
“We have always expressed that AboitizPower will continue pursuing renewable energy as long as it is available and viable; this project is a testament to that commitment,” Moraza added.
The biomass power plant is expected to become fully operational and deliver power to the Luzon grid before the fourth quarter of 2016.
This is the first foray of AboitizPower into biomass technology, and is set to boost the company’s renewable energy capacity under the Cleanergy brand.
In April, AboitizPower also ventured for the first time into solar power with the inauguration of the San Carlos Sun Power Inc.’s 59-MW solar power plant in Negros Occidental.
AboitizPower and its partners produce 3,350 MW of power, 38-percent of which comes from RE.