Aboitiz Power Corp. said on Friday it would not bid for the multi-million dollar auction of the Masinloc power plant set by the Philippine government later this month. The group which raised PhP 10.1 bn in its Initial Public Offering (IPO) last week, said it will focus on hydropower and geothermal assets that will be sold by the government in the coming months.
Aboitiz Power distributes about 6% of the total kilowtt-hours sold in the country. Hydropower accounts for more than 60% of the company's generation capacity. In the next three years, it plans to invest PhP 15-20 bn in the power sector.
reference / source: The Philippine Star Business (B-3) - July 22, 2007
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