News

AP Renewables signs 10-year PPA for Tiwi-Makban plant

Chevron geothermal power plant Tiwi, Albay, Philippines (source: flickr/sherwin_magayanes)
Alexander Richter 4 Oct 2011

AP Renewables Inc (APRI), daughter of Aboitiz Power, signs 10-year power purchase agreement with local utility Camarines Norte Electric Cooperative (CANORECO) for its 467 MW geothermal power plants Tiwi-Makban.

Reported from the Philippines, “The Camarines Norte Electric Cooperative, Inc. (CANORECO) has signed a 10-year contract with AP Renewables, Inc. (APRI) for clean and renewable energy from its 467-MW geothermal power plants in Tiwi town in Albay province, and in the Makiling-Banahaw area in Laguna province.

The electric cooperative supplies power to Camarines Norte’s capital city of Daet and 10 other municipalities – Mercedes, Labo, Vinzons, Sta. Elena, Basud, Talisay, San Vicente, Capalonga, Paracale and Panganiban.

APRI is a wholly owned subsidiary of AboitizPower. Michael Pierce, the Chief Operating Officer for APRI, and Arwin Segundo, CANORECO Board President and Lorenzo Canlas, CANORECO General Manager signed the contract.

“APRI is delighted to partner with CANORECO in providing it the power it needs. We are committed not only to provide electricity, but to see the growth of our client-partners. With the current management working with AboitizPower, I believe that CANORECO will become even more efficient over the next 10 years,” Miguel Aboitiz, Senior vice President-Power Trading and Marketing, said in a statement sent to the Mindanao Examiner.

Canlas, for his part, said: “CANORECO is very pleased that in partnership with AboitizPower, it will have a stable and secure power supply for the next 10 years. We look forward to a healthy and vibrant working relationship with AboitizPower.”

AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, retail and power services.”

Source: The Mindanao Examiner