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Energy

Japan's JERA to invest $1.58bn in Philippine utility Aboitiz

Japanese power generator targets growing electricity demand abroad

As demand for LNG power grows in the Philippines, JERA plans to share its LNG procurement know-how with Aboitiz. (Source photos by Reuters and AP)

TOKYO -- Japanese power generator JERA is investing $1.58 billion in the leading utility company in the Philippines, Aboitiz Power, as it hopes to benefit from growing electricity demand in the country while making a transition from coal to cleaner energy.

JERA, a joint venture between Tokyo Electric Power and Chubu Electric Power, has signed an agreement to purchase shares from Aboitiz Power's parent company Aboitiz Equity Ventures and its affiliate companies. JERA will own about a 27% stake in Aboitiz Power, it announced on Monday.

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