Aboitiz Group pays P101.6M for Transco’s Subic substation
By Rocel C. Felix
National Transmission Corp. (Transco) sealed yesterday a P101.6-million deal with the Abotiz Group for the disposal of its substation at the economic zone of the Subic Bay Metropolitan Authority in Zambales. The acquisition of the substation by Subic Enerzone Corp. (SEZC), a subsidiary of Aboitiz Equity Ventures, marked the first sale of a Transco substation. Signing the sales contract yesterday were Transco president Alan T. Ortiz and SEZC president Jaime Jose Y. Aboitiz.
Ortiz said the 181-hectare central business district along Subic Bay, in particular, will benefit from the service improvements to be undertaken by the new owners of the assets. "As what we have been saying all along, the divestment of Transco’s sub-transmission assets to qualified distribution utilities would lead to increased reliability, security and affordability of electricity," Ortiz said. The sale completes the acquisition of Transco’s sub-transmission assets by the Aboitiz Group in the said economic zone.
On April 28 this year, SEZC purchased 7.24 circuit-kilometers of sub-transmission lines comprising the Olongapo-SBMA Lines 1, 2 & 3, and the Subic-SBMA Line 4, and the disconnection switches at the Kalaklan metering point. Earlier contracts signed with the Aboitiz Group, through its various subsidiaries, include the sale of 11.99 circuit kilometers of 69kv lines in San Fernando, Pampanga to SFELAPCO; 14.89 circuit kilometers of 69 kilovolt (kv) line in Davao to DLPC; and 5.93 circuit kilometers of 69kv lines in Cebu to VECO. Subic Bay hosts various industries ranging from electronic communications technology companies to world-class hotels, housing units and convention complexes on prime waterfront sites to shopping malls and high rise-buildings.