Aboitiz Power unit inks project deals with PSALM and NPC

This is in line with the privatisation of a hydroelectric plant.

Aboitiz Power Corporation has announced the signing of relevant projects between its wholly-owned subsidiary with government-owned and controlled corporations.

According to a bourse filing, the company was informed by Aboitiz Renewables, Inc. (ARI) that the Thunder Consortium, composed of ARI, Sumitomo Corporation, and Electric Power Development Co., Ltd., through its project company, Cleanergy 9 Power Inc., signed the relevant project agreements with the Power Sector Assets and Liabilities Management Corporation (PSALM) and the National Power Corporation.

This is in relation to the notice of award issued by PSALM in favour of theconsortium on 18 July for the sale and privatisation of the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex.

ARI holds the company’s investments and interests in various renewable energy projects, including geothermal, large hydro, run-of-river hydro, wind, battery energy storage systems, and solar projects.

The closing of the transaction is subject to customary closing conditions, including securing the necessary regulatory approvals, such as from the Philippine Competition Commission.