Aboitiz Renewables, Inc. (ARI), a wholly-owned subsidiary of Aboitiz Power Corporation, has acquired full ownership of La Filipina Electrika, Inc. (LFEI) from La Filipina Uy Gongco Corporation (LFUGC) and Therma Power, Inc. (TPI).
The acquisition, which took effect last Friday (January 8), will enable ARI and AboitizPower to use LFEI as a vehicle for future renewable energy (RE) projects, AboitizPower said in its disclosure to the Philippine Stock Exchange.
AboitizPower’s board of directors approved the move last December 15, 2020.
LFEI was the supposed corporate vehicle for a potential joint power venture between Aboitiz and La Filipina, which both parties eventually decided not to pursue. Prior to the sale, LFUGC owned 60% of LFEI, while TPI owned the remaining 40%. TPI, like ARI, is also a wholly-owned subsidiary of AboitizPower.
AboitizPower is looking to increase its RE capacity to around half of its portfolio by 2030.