Aboitiz Renewables takes over La Filipina Electrika

Aboitiz Renewables Inc. is set to gain full control of La Filipina Electrika Inc., which it plans to make as its corporate vehicle for its future renewable energy projects.

In a stock exchange filing, ARI said it signed a deal to acquire 192,500 shares, representing 100% of LFEI, from with subsidiary Therma Power Inc. (TPI) and La Filipina Uy Gongco Corp. for P1 each share.

The transaction is subject to customary closing conditions.

Formerly Therma Southern Mindanao Inc., LFEI was intended to be used for a joint venture power project between Aboitiz Power Corp. unit TPI and La Filipina, which did not materialize.

AboitizPower, together with its partners, generates over 1,200 MW of clean and renewable energy from its portfolio of hydro, geothermal, and solar power plants.

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