IMPSA country manager for the Philippines Gerald Katz told reporters that this decision was made after the firm sold its stake in the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants to the Japanese consortium of Electric Power Development Co. Ltd. (J-Power) and Sumitomo late last year.
"We are very eager about our new investment which will be coming in very soon," Katz said.
Though Katz refused to give concrete details on the planned new investment in the power sector, he hinted that it would be a "greenfield" (new) project.
"There’s nothing firm yet. But we are still working on something this year. We would prefer a greenfield project," he said.
The IMPSA executive added that they would likely be engaging in the development of renewable energy sources.
Katz said while IMPSA divested its share in the CBK project, the company still considers "great opportunities" in the country’s power sector.
"We recognized that it’s a little bit complicated doing business in the Philippines because the industry is still in its transition period. There are uncertainties, but we believe these uncertainties also create opportunities," he said.
He said IMPSA also has an advantage, being in the power industry for quite some time. "I think we have an edge being here for more than five years."
IMPSA’s decision to divest its shares in the CBK project was consistent with its strategy to re-align its financial position due to the currency crisis in Argentina.
IMPSA is one of the largest worldwide providers of integrated energy solutions for hydropower and wind energy projects through the production of capital goods and investments in power generation projects.
The company’s success and reputation is based on its vast international experience in infrastructure projects, especially for power generation.