TOKYO : Japan's biggest power generator JERA said on Monday it will invest US$1.58 billion to take 27per cent stake in Aboitiz Power Corp in the Philippines from Aboitiz's parent company to boost its presence in the country where power demand is growing.
"We want to provide the Philippines' company with our know-how that we have accumulated over the decades on how to improve the efficiency of operations and maintenance and work together to achieve both growth and decarbonisation," JERA President Satoshi Onoda told a news conference. "There is no liquefied natural gas power plant in Philippines yet, but our involvement will enable Aboitiz to develop a world-class LNG power plant with competitive fuel procurement and efficient operation," he said.
JERA and Aboitiz will explore collaboration in many areas including operation and maintenance, development of power projects, fuel procurement and use of cleaner fuels such as ammonia and hydrogen.
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