Aboitiz Power Corp. has appointed Toshiro Kudama as a member of the listed energy company’s board of directors starting on Dec. 22.
Mr. Kudama will be representing JERA Asia Private Ltd, a wholly owned subsidiary of JERA Co., Inc., a power generation company based in Japan. He will replace Mikel A. Aboitiz, vice-chairman of AboitizPower parent firm Aboitiz Equity Ventures, Inc. (AEV).
“In 2016, he joined JERA and took the post of Chief Power Development Officer and Senior Executive Vice- President in charge of diverse energy projects including offshore wind power, liquefied natural gas (LNG) liquification, and state-of-the-art storage battery projects in different markets,” AboitizPower said in a disclosure filed at the exchange.
“To date, he has engaged in investments of over 30 projects in 14 countries with a total value of around US$3 billion. He currently resides in Singapore, as he serves as CEO of JERA Asia, covering the rapidly growing markets of Asia and the Middle East,” it added.
AEV earlier announced that its shareholders had approved and ratified the sale of the company’s 25.05% common shares in AboitizPower to JERA Asia.
The deal is valued at $1.46 billion and will be used to fund AEV’s expansion plans and to accelerate AboitizPower’s initiatives such as developing liquefied natural gas projects and exploring the use of new power generation technologies.
Shares in AboitizPower at the stock exchange fell by 3.63% or P1.15 on Monday to close at P30.65 apiece.
Meanwhile, AboitizPower energized its oil-based power plant that is operated and managed by its subsidiary Cebu Private Power Corp. (CPPC).
In a statement, the company said four CPPC power generator started delivering 18 megawatts (MW) of power supply to partially energize Cebu City after Typhoon Odette.
AboitizPower said it had ramped up its efforts in accelerating the restoration of power in areas where typhoon Odette wreaked havoc on Thursday and Friday, prioritizing hospitals and vaccination areas as called for by the Department of Energy (DoE).
CPPC is targeting to generate an additional 36 MW this week. — Marielle C. Lucenio
