Aboitiz Power ventures into biomass technology

Aboitiz Power ventures into biomass technology

Aboitiz Renewables Inc. has fully acquired the 8.8-megawatt (MW) biomass energy plant of Aseagas Corp. for P605 million, marking the company’s first venture into biomass technology.

In a disclosure to the stock exchange yesterday, Aboitiz Power said it bought the Batangas plant from the parent company Aboitiz Equity Ventures Inc.

Aboitiz Power president and COO Antonio Moraza said in a statement that the project will add 8.5 MW to their energy portfolio once it starts operation in September.

“We have always expressed that Aboitiz Power will continue pursuing renewable energy (RE) as long as it is available and viable; this project is a testament to that commitment,” he said.

“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.”

The project adds to the company’s “target to increase its attributable net sellable capacity to 4,000 MW by 2020.”

The company currently has 3, 350 MW of total net sellable capacity, with 38 percent supplied by RE plants.

The first Aseagas biomass facility will utilize and convert the organic effluent of its partner Absolut Distillery, Inc. (ADI) into clean and renewable energy, which will help power around 22,000 households. It will also produce 33 tpd (tons per day) of liquid carbon dioxide (LCO2) for the industrial and beverage industries.

Aboitiz Power bought 72.71 million common shares for P0.83 each and 654.300 million redeemable preferred shares also for P0.83 each.

Aboitiz Power’s renewable energy portfolio currently includes biomass plants, geothermal, run-of-river and solar developments. The company’s venture into solar power began in April with the launch of the 59-MWp San Carlos solar power plant.

Aboitiz owns distribution utilities all over the country, including the second- and third-largest private utilities in the Philippines.