Marubeni divests from Pagbilao-3

One of the Japanese partners of Corp. (AboitizPower) in the 420-megawatt (MW) Pagbilao-3 coal-fired power plant is moving ahead on the divestment of its stake in the facility as part of an investment realignment to cleaner energy technologies.

- By MYRNA M. VELASCO

According to a source privy to the planned equity sale, Japanese firm Marubeni Corp. already had a discussion with AboitizPower on its plan to opt out from the Pagbilao-3 coal-fired facility.

“We already had talks with our local partner AboitizPower on the plan to divest our shareholdings and we are now scouting for buyers,” the source emphasized.

The source further noted that, “we also communicated this plan to our other JV [joint venture] partner JERA, and they also consented to the plan; and we've known that JERA is also willing to sell its equity in the Pagbilao-3 plant if there are takers.”