Aboitiz Power’s renewable energy arm has acquired the P2.88-billion loan of San Carlos Sun Power Inc. (Sacasun) from BDO Unibank Inc. to develop its solar power project in Negros Occidental.
Aboitiz Power yesterday disclosed that Aboitiz Renewables Inc. signed a memorandum of understanding (MOU) with BDO and Sacasun to acquire the loan.
“ARI signed a memorandum of understanding with BDO and Sacasun for the acquisition by ARI of Sacasun’s loan from BDO in the amount of P2,882,456,074.58,” the company said.
However, the company did not disclose details of the agreement such as the reason for purchasing the loan from Sacasun.
Sacasun is a joint venture company between Aboitiz Renewables and Sun Edison Philippines Helios BV (SunEdison) for the development of the 59-megawatt peak (MWp) solar photovoltaic power generation project in San Carlos, Negros Occidental.
In December 2015, San Carlos signed an omnibus loan and security agreement with BDO to obtain a funding amounting to P3.7 billion to finance the project.
The loan agreement comes after Aboitiz Power on December 27, 2016 completed the acquisition of a majority stake in two coal-fired power plants of GN Power amounting to $1.2 billion.
Last year, ARI issued default notices to its partner Sun Edison since its parent company Sun Edison Inc. filed a voluntary petition for reorganization under Chapter 11 of the US Bankruptcy Code.
Aboitiz Power president Antonio Moraza earlier said the company is exerting efforts to protect its interests.
“The issuance of the default notices allows us to trigger the process aimed at protecting Sacasun,” Moraza said.
Aboitiz and Sun Edison have already completed the plant in Negros Occidental. It is now servicing the Visayas grid with 82 gigawatt-hours a year.