ABOITIZ Power Corp. (AboitizPower) said its subsidiaries entered into a power supply agreement with Nexif Ratch Energy Investments Pte. Ltd. for the supply of solar energy.
The power supply deal was forged with its retail electricity arm Adventenergy, Inc. and its renewable energy arm AP Renewables, Inc. (APRI), AboitizPower said.
“As an energy retailer, we need to address the needs of our customers, one of which is their interest in knowing where their power comes from, given how more consumers want to take part in the energy transition,” James Byron Yu, first vice-president and head of retail of AboitizPower, said in a media release.
The supply will be sourced from the 74-megawatt-peak solar project of Nexif Ratch in Calabanga, Camarines Sur which is expected to be completed by the second quarter of next year.
“This will further grow [Adventenergy] and APRI’s portfolio of customers from the commercial and industrial market. The partnership amongst the companies is a response to the call to promote the use of renewable energy (RE) and for businesses to adopt sustainable practices in their operations,” AboitizPower said.
Nexif Ratch, a Singapore-based energy company, earlier said that it intends to sell about 85% of the generated energy output of its solar project to subsidiaries of AboitizPower.
“As such, we have made it our mission to expand our RE supply through partnerships such as the supply agreement we’ve recently signed with Nexif Ratch. This way, we can address the demands of our customers and make RE more accessible to those who wish to shift to a more sustainable source of energy,” Mr. Yu said.
Nexif Ratch is a joint venture company of Nexif Energy of Singapore and Ratch Group of Thailand. It manages and owns an energy portfolio with a combined capacity of 4 gigawatts spread across Southeast Asia and Australia.
At the local bourse on Wednesday, shares in AboitizPower gained 80 centavos or 2.35% to end at P34.80 apiece. — Ashley Erika O. Jose
