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Philippines : JV deal for Peakpower signed by A Brown Co. Inc.
Publish Date : 16-Oct-2013
A Brown Co. Inc. (ABCI) has stated that it participated in the execution of a shareholders' agreement for a joint-venture investment in wholly owned subsidiary Peakpower Energy Inc. (PEI).
ABCI, in cooperation with Enterprise Holdings Corp., World Power Alliance Ltd. and Power Mavens Holdings Ltd. have finalized a shareholders' agreement for the joint investment in PEI.
ABCI in a disclosure to the stock exchange said, "The shareholders' agreement confirms the terms and conditions by which PEI will be owned, managed and controlled, and by which PEI shall implement the development and operation of its power-generation project".
The agreement decreased ABCI's stake in PEI to 20 percent of the total outstanding capital stock. World Power and Power Mavens at present possess 30 percent each, whereas the remaining 20 percent is possessed by Enterprise Holdings. No other particulars were disclosed by the company.
At present, PEI is functioning to develop, build and control diesel power plants in Mindanao through PEI's subsidiaries Peakpower Soccsargen Inc. and Peakpower San Francisco Inc.
In 2013 PEI was incorporated to execute various projects to produce about 110 megawatts of peaking energy across various electric cooperatives in Mindanao.
ABCI added, "The salient points of the projects are short-gestation, take-or-pay on the capital expenditure, direct connection to the grid and a significant contribution to address the lack of baseload power in the Mindanao grid for the next two to three years and in the future allow the cooperatives to meet the needs for peaking power".
