Aboitiz family to take control of solar farm in Negros Occidental
Aboitiz Power Corp. is buying out its partner Sunedison Philippines Helios BV in San Carlos Sun Power Inc. (Sacasun), which owns the 59-megawatt (MW) solar project in San Carlos City, Negros Occidental.
Its wholly-owned subsidiary AboitizPower International Pte. Ltd. signed a compromise agreement with SunE Solar B.V., which paves way for the exit of Sunedison Philippines in Sacasun.
Apart from taking over Sacasun, AP International will also acquire all interests of SunE Solar in Maaraw Holdings San Carlos Inc., the holding unit for the solar project.
Aboitiz Power, through renewable energy unit Aboitiz Renewables Inc. (ARI), already owns 60 percent of Maaraw and Sacasun.
In the middle of 2016, Sunedison?s parent company Sun Edison Inc, filed a voluntary petition early last year for reorganization under Chapter 11 of the US Bankruptcy Code.