AboitizPower unit acquires SaCaSun’s P2.88-B BDO loan

MANILA, Philippines – The renewable energy unit of Aboitiz Power Corp. is acquiring the P2.88-billion loan of San Carlos Sun Power Inc.  (SaCaSun) from BDO Unibank Inc.

In a disclosure to the Philippine Stock Exchange yesterday, AboitizPower said its wholly-owned unit Aboitiz Renewables Inc. (ARI) has signed a memorandum of understanding with BDO and SaCaSun to acquire the latter’s P2.88-billion loan from the bank.

SaCaSun is the joint venture company between ARI and Sun Edison Philippines Helios BV for the development and exploration of the 59-megawatt (MW) solar photovoltaic power generation project in San Carlos City, Negros Occidental.

The joint venture firm, originally called Maaraw Holdings San Carlos Inc., secured a loan of up to P3.7 billion from BDO to bankroll the construction of the project in December 2015.

The 59-MW solar farm started exporting power to the Visayas grid in March 2016 and was formally inaugurated the next month.

But three months later, ARI issued default notices to partner Sun Edison Philippines after its parent company, Sun Edison Inc., filed a voluntary petition early last year for reorganization under Chapter 11 of the US Bankruptcy Code.

Earlier, AboitizPower president and COO Antonio Moraza said the company is assuring the public it would exert all efforts to protect its interest.

“We are exercising our option based on the shareholder’s agreement with Sun Edison Philippines. The issuance of the default notices allows us to trigger the process aimed at protecting SaCaSun,” he said.