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    JERA partnership seen as ‘enabler’ in AboitizPower’s 10-
    year RE expansion journey

    AboitizPower’s renewable energy aspirations are taking a huge leap forward following Japanese
    firm JERA’s recent acquisition of a 27-percent stake in the Aboitiz-led power company for $1.46
    billion.
    The sale was announced on Tuesday, September 28, 2021, and was characterized as a
    “transaction [that] unlocks significant capital that will be used toward fueling the [Aboitiz Equity
    Ventures] Group’s growth initiatives.”
    “This transaction will deepen our bonds and represent a leap forward in our shared mission to
    support economic development in the Philippines and beyond while supporting the energy
    transition towards a decarbonized future,” AboitizPower President and Chief Executive Officer
    Emmanuel V. Rubio said.
    JERA is one of the world’s largest power producers and the largest single liquefied natural gas
    (LNG) buyer in the world. Rubio said that as the energy sector undergoes a transition, this
    presents a great opportunity for AboitizPower.
    With a presence in over 10 countries across the globe, JERA’s international footprint provides
    AboitizPower with further opportunities for collaboration and new market entry.
    Rubio shared that this partnership with JERA will result in a more future-ready organization
    with access to new perspectives, capabilities, and a global network.
    “Through this partnership, we hope to build on our 10-year plan, where we aim to reduce the
    carbon intensity of our business. We intend to explore new pathways toward decarbonization
    that will complement our renewable energy growth plan and our nature-based carbon
    sequestration program,” said Rubio.
    AboitizPower earlier announced its 10-year growth ambition, where it aims to exponentially
    increase its Cleanergy capacity to 4,600 MW to achieve a 50:50 balance between its renewable
    and thermal portfolios. The company’s top executive pointed out that its “partnership with
    JERA will be a key enabler in this journey.”
    Both parties have already identified potential areas for collaboration across multiple fronts
    including joint development of LNG-to-power projects, LNG fuel sourcing and management,

    potential participation in aspects of plant operations and maintenance, as well as the
    exploration of the use of new generation technologies.
    Rubio assured that there will be no management changes resulting from the partnership, but
    rather a “greater diversity of perspective at the board and enhanced governance.”
    “We are optimistic that our partnership will bring about positive change not only for our
    organizations but, ultimately, for the customers and communities we serve,” Rubio said.

    -30-

    Photo caption:
    AboitizPower subsidiary Hedcor’s Ampohaw Hydro, located in Banengbeng, Sablan, Benguet,
    harnesses the power of the Balili river to generate clean and renewable electricity.
    (AboitizPower photo)

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