AEV shareholders formally approve JERA investment in AboitizPower

The shareholders of Aboitiz Equity Ventures (AEV) have formally approved the investment of Japanese firm JERA Asia Private Limited in Aboitiz Power Corporation.

In a disclosure by AEV — AboitizPower’s parent firm — to the Philippine Stock Exchange, it said the stockholders ratified the sale of 1.84 billion AEV shares or 25.01% of the outstanding common shares of AboitizPower to JERA during a special stockholders meeting.

AEV and JERA first announced the $1.58 billion investment in late September. AboitizPower and JERA are expected to collaborate in the development of renewable energy (RE) and liquefied natural gas projects in the country.

The Philippine Competition Commission cleared the deal in October.

Back in August, AboitizPower — the country’s largest power generator — said it would invest Php190 billion to increase its RE capacity to half of its generation portfolio by 2030.