King & Spalding acted for JERA Co., Inc., a Japanese energy company with global reach, on its $1.58 billion acquisition of approximately 27% of the outstanding shares of Aboitiz Power Corporation (PSX: AP), a major power utility in the Philippines listed on the Philippine stock exchange.
Aboitiz Power aims to expand power generation capacity to 9.2 GW and achieve a 50:50 clean energy and thermal capacity mix by 2030 to meet the increasing demand for electricity in the future while promoting renewable energy in the Philippines. At the same time, JERA is working to eliminate CO2 emissions from its domestic and overseas businesses by 2050 under its “JERA Zero CO2 Emissions 2050” objective. By participating in the Aboitiz Power business, JERA will make a positive contribution towards the promotion of clean and renewable energy in the Philippines.
More details on the transaction can be found here.