JERA official appointed director of AboitizPower
By Danessa Rivera – December 21, 2021 | 12:00am
from The Philippine Star
MANILA, Philippines — Aboitiz Power Corp. has named an official of JERA Co. Inc. as director, days after the Aboitiz Group completed the sale of a 27 percent stake in the power firm to Japan’s largest power generation company.
In a disclosure to the Philippine Stock Exchange yesterday, AboitizPower said its board approved the resignation of Mikel Aboitiz as director and approved the appointment of JERA senior managing executive officer Toshiro Kudama as his replacement effective Dec. 22.
Kudama, 63, is concurrently the CEO of JERA Asia Private Ltd. (JERA Asia), a wholly owned unit of JERA.
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.
To date, he has engaged in investments of over 30 projects in 14 countries with a total value of around $3 billion.
Kudama also served as CEO of JERA Americas from 2018 until 2019. He currently resides in Singapore, as he serves as CEO of JERA Asia, covering the rapidly growing markets of Asia and the Middle East.
JERA finalized last week the acquisition of a 25.01 percent stake in AboitizPower from publicly listed Aboitiz Equity Ventures Inc. (AEV) and 1.99 percent stake from the Aboitiz family’s privately held parent company, Aboitiz & Co. – a deal valued at $1.5 billion.
AboitizPower is targeting a total attributable net sellable capacity of 9,200 megawatts (MW), half of which or 4,600 MW should come from various RE developments, as it eyes a 50:50 balance between its renewable and thermal capacities by 2030.
The company plans to spend P190 billion over the next decade to build 3,700 MW under its Cleanergy portfolio. Of the total, it has already identified 2,364 MW of new RE projects, all in varying stages of development and located primarily in Luzon, as of July.
To date, the Aboitiz Group and its partners produce 4,471 MW of total net sellable capacity of electricity from both thermal and renewable power sources.
