PCC clears JERA’s acquisition of AboitizPower stake
- October 29, 2021
- 0
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The Philippine Competition Commission (PCC) has cleared JERA Asia Private Limited’s proposal to buy 27% of Aboitiz Power Corporation, its parent firm Aboitiz Equity Ventures (AEV) said in a disclosure to the Philippine Stock Exchange.
AEV cited PCC’s acknowledgment letter issued on Thursday stating that JERA’s purchase, which includes the sale of AEV’s 25.01% ownership in its power arm, “does not breach applicable the compulsory notification thresholds that are currently in effect.”
The deal is subject to approval and ratification by AEV shareholders through a Special Stockholders’ meeting on December 10.
AboitizPower, which earlier announced a Php190-billion investment for renewable energy (RE) projects until 2030, had said that JERA is a “key enabler” in its RE expansion plan.
Headquartered in Tokyo, JERA is 50% owned by the Tokyo Electric Power Company (TEPCO), which partly owns Team Energy. Team Energy owns and operates Units 1 and 2 of the Pagbilao coal-fired power plant, in which AboitizPower’s Therma Luzon, Inc. serves as its independent power producer administrator.
JERA’s Philippine affiliate, TPEC Holdings Corporation, is a joint venture partner of AboitizPower’s Therma Power, Inc., in Pagbilao Energy Corporation.