Aboitiz Power’s (AP) total stake after the latest equity purchase comes to 100% of Subic EnerZone (SEZ), of which its Davao Light and Power Company unit owns 35%. SEZ operates the power distribution system of the Subic Bay Freeport Zone under a 25-year agreement with the Subic Bay Metropolitan Authority.
AP said that there has been a huge increase in power demand in SEZ’s franchise area over the last few years with the zone’s continuing growth, following the opening of the Subic-Clark-Tarlac expressway, the full operation of Subic’s new container terminal, and the recent opening for commercial operations of the first phase of Korean shipping conglomerate Hanjin’s multi-billion shipyard project.
AP, together with Taiwan Cogeneration, is developing a 300MW coal plant to address the surging demand for power in the area. The plant is scheduled for completion in 2011.
