A unit of the Aboitiz Power Corp. has taken over the 59-megawatt (MW) solar plant in Negros Occidental as its partner exits the project following bankruptcy.
In a disclosure, AboitizPower unit Aboitiz Power International Pte. Ltd. (AP International) and SunE Solar B.V completed the deed of transfer in the Netherlands with the fulfillment of closing conditions under the share purchase agreement (SPA) dated December 20, 2017.
This means that AboitizPower now has 100 percent beneficial ownership in the San Carlos Sun Power Inc. (Sacasun) solar project in San Carlos City in Negros Occidental from the original 60 percent.
The solar farm of around 59-MW costs P4.9 billion and is exporting power to the Visayas grid in 2016.
This also signifies the disinvestment by the SunEdison Philippines’ participation in the project.
In November 2014, the Aboitiz Renewables Inc. (ARI) entered into a joint framework agreement to explore, develop, construct and operate an up-to 300 MW of solar photovoltaic power generation projects in the country over the next three years.
In the agreement, SunEdison and ARI invested in the Maaraw Holdings San Carlos Inc. and Sacasun for the solar project in Negros.
However, in 2016, issued default notices to SunEdison Philippines since its parent company filed a voluntary petition for a reorganization under Chapter 11 of the US Bankruptcy Code.
AboitizPower has 3,350 MW of sellable capacity where 39 percent is renewable energy. The company is looking to add 500 MW of attributable capacity once it completes several hydropower and coal power plants across the Philippines.