JERA and Aboitiz have formed cooperation to help the Philippines’ electricity industry grow
AboitizPower Corp.’s investment and collaboration with Japan’s biggest power generating business is anticipated to help the country’s power industry grow.
Sabin Aboitiz, president, and chief executive officer of the Aboitiz Group, said Tuesday that JERA had purchased a 27 percent interest in AboitizPower Corp. from Aboitiz Equity Ventures, Inc. (AEV).
“It essentially releases a substantial amount of cash that may be utilized to fund Aboitiz Group’s goal.” More significantly, we appreciate JERA’s confidence, experience, and dedication to assisting the Aboitiz Group in driving change for a better world by boosting Philippine economic growth and supporting sustainable energy development,” Aboitiz stated.
JERA is the world’s biggest single importer of liquefied natural gas (LNG), in addition to being Japan’s largest power generating company.
Aboitiz Group’s collaboration with JERA, in addition to supplying money, will allow for technology transfer, which will assist the company’s transformation into a contemporary corporation, according to Aboitiz.
According to him, the strategic collaboration with JERA would also assist the Aboitiz Group in seizing economic possibilities emerging from the pandemic.
“Let this collaboration be a watershed moment in our company’s history, demonstrating our faith in our government’s policies and regulations,” he said.
Emmanuel Rubio, president, and chief executive officer of AboitizPower, has welcomed JERA’s investment, stating that the company’s experience would assist it in reaching its objective of expanding sustainable energy’s proportion of its portfolio.
This also helps the Philippine government’s goal of a carbon-free future, according to Rubio.
“In this journey, our new partnership with JERA will be a major facilitator,” he added.
By 2030, AboitizPower wants renewable energy to account for 50% of its power portfolio or 4,600 megawatts.