Aboitiz buys out partners in Negros Occidental power ventures
A Singapore-based unit of Aboitiz Power Corp. has acquired full ownership of two power joint ventures with US-based renewable energy firm SunEdison Inc.
AEV said its wholly-owned unit Aboitiz Power Corp., inked an agreement to acquire the interests of SunE Solar BV in the San Carlos Sun Power Inc. (Sacasun) and Maaraw Holdings San Carlos Inc.
The deal forms part of the compromise agreement entered into by the parties to resolve issues that arose from their joint venture companies.
Sacasun is a 59-megawatt power plant in San Carlos City, Negros Occidental while Maaraw is tasked to develop a 59-MW solar photovoltaic power facility also in San Carlos City.