Aboitiz Equity unit in joint venture for power project

MANILA, Philippines -- Aboitiz Power Corp., a wholly owned unit of Aboitiz Equity Ventures Inc. (AEV), signed a memorandum of agreement with Taiwan Cogeneration International Corp. to jointly build and operate a coal-fired power plant in the Subic Bay Freeport Zone located north of the capital Manila.

AEV said Aboitiz Power and Taiwan Cogeneration would form a joint venture
company that would manage the proposed power plant. There were no details on plant capacity or when the facility would be built.

The power plant is expected to supply electricity to locators in the Subic Bay Metropolitan Authority and other economic zones across the country.