Aboitiz Power Corporation
9-26

...AC selling to Aboitiz Power to fund expansion across South East Asia...hhhhmmmnnnnn Smile AP daming pera!

Aboitiz said to be in advanced talks to buy Ayala power assets

ABOITIZ POWER Corp. is in advanced talks to acquire stakes in some of Ayala Corp.’s thermal power assets, people with knowledge of the matter said.

The companies aim to announce a deal as soon as the coming weeks, the people said, asking not to be identified because the information is private. Ayala, which has a market value of about $10.5 billion, and Aboitiz are still in discussions on the structure of the transaction, according to the people.

Shares of Aboitiz Power fell as much as 3.4% in early Manila trading Monday. They were down 1% to P36.25 pesos at 11:25 a.m., compared to a 0.4% gain in the benchmark Philippine Stock Exchange Index.

Ayala, the oldest conglomerate in the Philippines, said earlier this year it was planning to sell as much as half of its thermal power business to help fund expansion in Southeast Asia. Its energy unit’s portfolio, which derives 84% of its attributable capacity from coal, is valued at P135 billion ($2.5 billion), according to a February research report from CLSA Ltd.

A deal could still be delayed or fall apart, the people said. Any transaction would add to the $31.1 billion in acquisitions of Asian energy and power assets announced this year, data compiled by Bloomberg show.

Aboitiz Power’s chief strategy officer, Luis Miguel Aboitiz, declined to comment. Eric Francia, president of Ayala’s AC Energy, Inc. unit, also declined to comment. 


source: https://www.bworldonline.com/aboitiz-sai...er-assets/
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9-28

...nagkabilihan na sila AP/AC Smile

AboitizPower to acquire stake in Ayala thermal assets for $579M

ABOITIZ POWER Corp. has agreed to acquire a stake in the thermal power company of Ayala-led AC Energy, Inc. for $579.2 million, the two companies said on Thursday.

In a disclosure to the stock exchange, AboitizPower said it had entered into the share purchase agreement with AC Energy affiliate Arlington Mariveles Netherlands Holding BV and a shareholders’ agreement with Ayala Corp.’s energy investment arm. The proposed acquisition will give it a 49% voting stake and 60% economic stake in AA Thermal, Inc., AC Energy’s thermal platform in the Philippines.

The transaction comes about four months after AC Energy first announced it was selling as much as half of its thermal energy platform.

“We are delighted to further strengthen our partnership with the Aboitiz group and we look forward to jointly pursue more opportunities in the future,” said AC Energy President and Chief Executive Officer Eric T. Francia in a statement.

Mr. Francia noted the deal allows AC Energy to balance its portfolio and provide fresh funds for its renewable energy projects.

“AboitizPower is committed to addressing the country’s energy trilemma of adequate supply, cost of power, and protection of the environment. This is part of our strategy to reach our 4,000-MW net attributable capacity by 2020 through our balanced mix strategy,” said AboitizPower Chief Operating Officer Emmanuel V. Rubio in a statement.

AC Energy said its thermal platform initially consists of its partnership interests in GNPower Mariveles Coal Plant Ltd. Co. and GNPower Dinginin Ltd. Co.

GNPower Mariveles is the owner and operator of an operating two-unit coal plant in Mariveles, Bataan each with a capacity of 316 megawatts (MW). GNPower-Dinginin is developing a supercritical coal-fired power plant with two identical units with a net capacity of 668 MW each.

Once the transaction is completed, AC Energy the acquisition will increase AboitizPower’s ownership in the Mariveles coal plant to 78.325%, and in the Dinginin coal plant project to 70%.

The Mariveles plant has been operating since 2013, while the first unit of the Dinginin plant is expected to go online in 2019.

Luis A. Limlingan, business development head at Regina Capital Development Corp., said the deal is good for AboitizPower since it has an existing stake in Mariveles, thus giving it control over the project.

“For [AC Energy], they can focus on their other core competencies,” he said.

The transaction’s completion is subject to the satisfaction of certain conditions precedent, including the approval by the Philippine Competition Commission.

ING Bank N.V. acted as lead financial advisor to AC Energy. BPI Capital Corp. also acted as financial advisor, providing transaction support. Standard Chartered Bank acted as sole financial advisor to AboitizPower.


source: https://www.bworldonline.com/aboitizpowe...-for-579m/
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10-8

SNAP seeks ‘nat’l significance’ certification for new project

SN ABOITIZ POWER (SNAP) has submitted its latest hydroelectric project for inclusion in the Energy department’s list of certified energy projects of national significance (CEPNS), the government’s policy that aims to hasten the development of new power plants.

“We hope to enjoin and get their support and advocacy for this project,” said Joseph S. Yu, SNAP president and chief executive officer, in an interview last week.

He said the company’s application was submitted in late September, making it among the latest addition to the hundred of applications so far received by the Department of Energy (DoE) since the President signed Executive Order 30 in June 2017.

DoE, which issued the implementing rules and regulations in April 2018, has so far certified four projects. EO 30 intends to establish a simplified approval process and harmonize the relevant rules and regulations of all government agencies involved in the permitting process.

Mr. Yu said the company had complied with most of the requirements to be certified.

“Four of the five, I think, if I’m not mistaken,” he said, including the cost of the project and its technical complexity.

“At the very least, if it’s a project of national significance it should warrant more attention,” he said.

The project is composed of 20-megawatt (MW) Ollilicon and the 120-MW Alimit hydroelectric power plants. The technical studies for the third component, the 250-MW Alimit pumped storage, have been temporarily suspended due to market constraints.

SNAP was issued the renewable energy service contract for the project in 2014. The signed agreement brings the renewable energy company and Ifugao a step closer toward building the first hydropower facility in the province.

On Oct. 4, SNAP and the municipal governments of Aguinaldo, Lagawe and Mayoyao signed a framework agreement on the proposed Alimit hydropower complex in Ifugao province.

The agreement outlines the cooperation, collaboration and obligations between and among SNAP as project proponent and the municipalities as hosts during the development and operation phase of the project.

“It took us four years to achieve this milestone. What we are trying to build here are a partnership and a relationship with our stakeholders. We can achieve these. If we are all willing to commit, we have a better chance of succeeding,” Mr. Yu said in a statement during the weekend.

SNAP is a developer and operator of 100% renewable energy facilities. It is a joint venture of SN Power of Norway and Aboitiz Power Corp. It owns and operates the 380-MW Magat hydro on the border of Isabela and Ifugao; the 8.5-MW Maris hydro in Isabela; the 105-MW Ambuklao hydro in Benguet; and the 140-MW Binga hydro also in Benguet.


source: https://www.bworldonline.com/snap-seeks-...w-project/
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10-26

AboitizPower mulling options to finance acquisition of stake in AA Thermal

ABOITIZ POWER Corp. is considering whether to go back to the bond market or source funding from banks to pay for its acquisition of a bigger stake in the coal-fired power plant platform of Ayala-led AC Energy, Inc., the company’s finance official said.

“There are several options open to us,” Liza Luv T. Montelibano, AboitizPower senior vice-president and chief financial officer, told reporters during the listing of the company’s P10.2-billion fixed rate bonds on Thursday.

She said the company has a shelf registration of P30 billion for bonds, of which a first tranche last year amounted to P3 billion, leaving a remainder of P16.8 billion until 2019, the final year approved for the issuance.

“Whether we will get it as a third tranche, [whether] we’re getting it from another loan, we’re still finalizing,” Ms. Montelibano added.

For the second tranche, AboitizPower issued P7.7 billion in fixed rate bonds due on Jan. 25, 2024 at an interest rate of 7.5095% per annum, and P2.5 billion in fixed rate bonds due on Oct. 25, 2028 at 8.5091% per annum.

Ms. Montelibano said the funds raised from the offering will be used in part to refinance a loan for the acquisition of a power plant in Mariveles, Bataan.

In late 2016, AboitizPower subsidiary Therma Power, Inc. bought a 66.1% stake in GNPower Mariveles Coal Plant Ltd. Co. and 40% in GNPower Dinginin Ltd. Co. in line with its target to increase its energy capacity to 4,000 megawatts (MW) by 2020.

In September this year, AboitizPower bought voting and economic stakes in AA Thermal, Inc., the thermal power company of Ayala-led AC Energy, Inc. The acquisition will give it a 49% voting stake and 60% economic stake in the thermal platform.

GNPower Mariveles is the owner and operator of an operating two-unit coal plant in Bataan, each with a capacity of 316 MW. GNPower Dinginin is developing a supercritical coal-fired power plant with two identical units with a net capacity of 668 MW each.

AC Energy said once the transaction is completed, the acquisition will increase AboitizPower’s ownership in the Mariveles coal plant to 78.325%, and in the Dinginin coal plant project to 70%. The Mariveles plant has been operating since 2013, while the first unit of the Dinginin plant is expected to go online in 2019.

Closing of the transaction is subject to the satisfaction of certain conditions precedent, including the approval by the Philippine Competition Commission.

Ms. Montelibano said the need to fund the latest acquisition would come if the deal is approved by the antitrust watchdog.

She said AboitizPower is still aiming for a “balanced” energy mix even as the deal shifted its portfolio towards a greater share of facilities powered by coal.

“I will call it as balanced,” she said, adding that the nature of the business could result in a big shift in the mix as thermal plants have huge capacities as compared to those of renewable energy projects.

For now, she said the portfolio is tilted towards 75% coal plants and 25% renewables. She added that the company at present has an attributable capacity of 3,200 MW, although the target 4,000 MW is “in the bag” when the new power plants come online.


source: https://www.bworldonline.com/aboitizpowe...a-thermal/
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11-19

Outlier: Aboitiz Power Corp.

ABOITIZ Power Corp. was one of the most actively traded stocks last week due to expectations of higher demand for energy in the closing months of 2018 as well as the company’s recent acquisition in Ayala-led AC Energy Inc.’s assets.

A total of 32.99 million AboitizPower shares worth P1.039 billion were traded at the exchange last week from Nov. 12-16, data from the Philippine Stock Exchange showed, making it the ninth most actively traded stock last week.

Its share price last Friday was down by 2.62% to P31.65 apiece on a week-on-week basis versus its P32.51 share closing price on Nov. 9. It is likewise down by 23.6% year-to-date.

“AP may have drawn investor interest in light of what we may refer to as its rationalization of its incumbent power generation assets. It had earlier raised its stake in a number of assets as well as having earmarked funds to rehabilitate others,” said Philstocks Financial, Inc. Research Head Justino B. Calaycay, Jr.

“The recent drop in global oil prices may have also lent optimism on its margins going forward in light of an expected uptick in seasonal demand for power and energy,” he added.

Mr. Calaycay likewise noted the company posted solid numbers during the first three quarters, and is expected to sustain this in the fourth quarter.

“Over the longer haul, its increased stake in a handful of power assets and the rehabilitation of some should gradually provide positive contributions going forward,” he said.

For Regina Capital Development Corp. Managing Director Luis A. Limlingan: “As AP is an index constituent and recently reported earnings, it was natural for the company to be one of the most active stocks traded.”

In terms of financials, Mr. Limlingan underscored the company’s earnings before interest, tax, depreciation and amortization of P39.1 billion in the first nine months of 2018, which is 11% higher than the P35.4 billion recorded in the same period last year on account of higher contributions from Pagbilao Energy Corp. and Hedcor Bukidnon, Inc.

AboitizPower posted a net income attributable to the parent of P7.55 billion in the third quarter of 2018, 25.4% higher than the P6.03 billion in the same period a year ago. This brought the year-to-date figure to P16.67 billion, an increase of 6% from P15.75 billion in last year’s comparable nine months.

In September this year, AboitizPower bought voting and economic stakes in AA Thermal, Inc., the thermal power company of Ayala-led AC Energy, Inc. The acquisition will give it a 49% voting stake and 60% economic stake in the thermal platform. The transaction came about four months after AC Energy first announced it was selling as much as half of its thermal energy platform.

AC Energy said its thermal platform initially consists of its partnership interests in GNPower Mariveles Coal Plant Ltd. Co. and GNPower Dinginin Ltd. Co. The former is the owner and operator of an operating two-unit coal plant in Mariveles, Bataan each with a capacity of 316 megawatts (MW). GNPower-Dinginin, meanwhile, is developing a supercritical coal-fired power plant with two identical units with a net capacity of 668 MW each.

The agreement with AC Energy will increase AboitizPower’s ownership in the Mariveles coal plant to 78.325% (from 66.1%), and in the Dinginin coal plant project to 70% (from 40%) in line with its target to increase its energy capacity to 4,000 MW by 2020.

Meanwhile, subsidiary Therma Power Visayas, Inc. is set to rehabilitate the 153.1-MW Naga Power Plant Complex (NPPC) in Cebu, expecting to achieve commercial operations for at least one of the six units before the end of 2018 and for all units before the end of 2019.

Going forward, Philstocks’ Mr. Calaycay, gave AboitizPower an initial support range between P29-P29.50 with initial technical resistance close to the P34-P35 marks: “Its share price remains dependent on the whims of the market (as in all and every stock.) At this point, it is the general mood that poses the highest challenge,” he said.

Regina Capital’s Mr. Limlingan gave the stock a support price of P31.20 and resistance of P32.00.


source: https://www.bworldonline.com/aboitiz-power-corp/
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12-11

Aboitiz unit’s floating solar energy system completed by Q1

SN Aboitiz Power-Magat, Inc. expects to complete the construction of its pilot floating solar energy system on Magat dam in the first quarter of 2019 in time for the onset of the rainy season to test the project’s ability to withstand rough weather.

The success of the project would decide whether the company, which is a partnership between Aboitiz Power Corp. and SN Power of Norway, could scale up the 200-kilowatt solar farm that will be built over a 2,500-square meter area of the reservoir.

“We’re thinking of the next increment of investment. We’ve talked about 30 to 50 megawatts (MW) of floating solar,” Joseph S. Yu, president and chief executive officer, said in a briefing on Monday in Taguig City.

“This one is a pilot, so it’s pretty expensive. It’s about $300,000 for the whole pilot [project],” he said.

He said the company had secured the approval of the National Irrigation Administration (NIA), the dam’s owner, for the project.

“We’re hoping to have it up and running maybe March, April next year,” Mr. Yu said. “We intend to actually stress test it, so we’ll have it built just in time for the wet season to start. We’ll see if it’s a safe harbor.”

Mr. Yu said the test would include an evaluation on whether the floating solar system could withstand the flow of water during a typhoon and how much power could be generated from it.

“We’re hoping if it works then it should be pretty scalable and then that could be a venue for us to grow pretty rapidly if the market for renewable energy ever firms itself up,” he said.

“A land-based solar takes about six to eight months to build. So as long as you can iron out the transmission, any contracting… and any permitting that you need, [if] you’ve got all those three pieces in place, then you can expand fairly quickly,” Mr. Yu added.

In a statement issued during the briefing, SN Aboitiz Power quoted NIA Administrator Ricardo R. Visaya as saying that a hectare of solar field could produce a megawatt of power.

The government agency said that if 200 of the 4,500 hectares of the Magat dam reservoir will be used for water-based solar power, 200 MW will be generated and 200 hectares of agricultural land could be saved.

SN Aboitiz Power owns and operates the 360- to 380-MW Magat hydro on the border of Isabela and Ifugao provinces; the 8.5-MW Maris hydro in Isabela; the 105-MW Ambuklao hydro in Benguet; and the 140-MW Binga hydro plant in Benguet. 


source: https://www.bworldonline.com/aboitiz-uni...ted-by-q1/
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12-16

Aboitiz Power to build $28 million battery storage

MANILA, Philippines — SN Aboitiz Power Group (SNAP), the joint venture of SN Power of Norway and Aboitiz Power Corp., plans to construct a $28-million battery energy storage system (BESS) at its Magat hydro electric power plant (HEPP).

The facility will be used to boost the company’s ancillary services and standby power supply that can be tapped in case the regular supply falls short of the requirement.

In a statement, SNAP said its board approved to conduct a feasibility study in 2019 for BESS in Magat.

Construction will start in 2020 with commercial operations expected by 2022 once the National Grid Corp. of the Philippines (NGCP) approves the facility’s ancillary services procurement agreement (ASPA).

Ancilliary services (AS) are necessary to support the transmission of capacity and energy from resources to loads while maintaining reliable operation of the transmission system in accordance with good utility practice and the grid code.

AS is a system requirement to ensure grid system reliability, security and affordability of the supply.

“You can think of battery energy storage as a giant power bank,” SNAP president and CEO Joseph Yu said. “With BESS, we will have a battery facility that is connected to the grid where we can withdraw power from when necessary.”

The Energy Regulatory Commission classified BESS as a new source of frequency control ancillary services.

The company has included BESS in its scope because of the rise of variable renewable energy in the country, increasing frequency variability to the grid which requires more balancing power supply in the system.

SNAP has been providing the NGCP with AS from its impounding hydropower plants.

It owns and operates the 360-MW to 380-MW Magat hydro on the border of Isabela and Ifugao, the 8.5-MW Maris hydro in Isabela, the 105-MW Ambuklao hydro in Benguet and the 140-MW Binga hydro also in Benguet.  


source: https://www.philstar.com/business/2018/1...ry-storage
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