AboitizPower commits to Negros solar project

MANILA, Philippines - After its joint venture partner filed for bankruptcy, Aboitiz Power Corp. said it will protect its interest in its first solar power project located in Negros Occidental.

AboitizPower disclosed yesterday its renewables unit Aboitiz Renewables Inc. issued default notices to Sun Edison Philippines Helios BV, its joint venture partner in the 59-megawatt (MW) first solar project in San Carlos City, Negros Occidental.

The company said SunEdison’s parent company, Sun Edison Inc., filed a voluntary petition early this year for reorganization under Chapter 11 of the US Bankruptcy Code.

Sought for comment, AboitizPower president and COO Antonio Moraza said the company is assuring the public it would exert all efforts to protect its interest.

“We are exercising our option based on the shareholder’s agreement with Sun Edison Philippines. The issuance of the default notices allows us to trigger the process aimed at protecting SaCaSun,” he said.

The company official, however, did not elaborate on the nature of its option under the agreement with SunEdison Philippines.

“We would like to assure our stakeholders that we remain committed to our solar project,” Moraza said.

In November 2014, AboitizPower and California-based solar power developer SunEdison struck a deal to explore, develop, construct and operate up to 300 MW of utility-scale solar photovoltaic power generation projects in the Philippines over the next three years.

The deal was formalized in August 2015, when Aboitiz Renewables and SunEdison Philippines entered into a shareholders’ agreement to form the joint venture firm Maaraw Holdings San Carlos Inc., now called SaCaSun.