Aseagas faces permanent shutdown of Batangas-based biomass plant

AboitizPower IPO

Aboitiz Power Corp. has announced the permanent shut down of its biomass plant located in Batangas.

The 8.8 megawatt (MW) plant of Aseagas Corp, which has been on shut down since last month, will now cease operations.

“Our top consideration now is to balance the interests of all our stakeholders, including that of Aseagas’ employees,” AboitizPower President and COO Antonio R. Moraza said.

The total value affected by the closure is seen to be at P3.7 billion, which represents Aseeagas’ invested equity of P3.45 billion and the company’s estimated remaining obligations of P250 million.

Aseagas earlier suspended its commissioning due to the unavailability of its organic effluent wastewater supply from Absolut Distillers, Inc.

It also disclosed that it pre-paid its outstanding loan with the Development Bank of the Philippines (DPB) in the amount of P2.368 billion.

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