Japan's JERA to invest in Aboitiz Power for decarbonization ventures

Economy

Japanese energy company JERA Co. will invest about $1.58 billion in major Philippine utility firm Aboitiz Power Corp. to help stabilize the Southeast Asian nation's electricity supply and promote its decarbonization drives. JERA, a joint venture between Tokyo Electric Power Company Holdings Inc. and Chubu Electric Power Co., said Monday that it will acquire about 27 percent of Aboitiz Power's outstanding shares as a result of the investment. It will be one of JERA's biggest investments and one of the largest in the Philippines by any Japanese firm. JERA's share acquisition will reduce the equi...

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