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AboitizPower, CANORECO deal to benefit Camarines Norte

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To provide greater and wider power supply that benefits  Camarines Norte consumers,  Camarines Norte Electric Cooperative, Inc. ( CANORECO), has signed  a 10-year contract with AP Renewables, Inc. (APRI), a wholly owned subsidiary of AboitizPower (PSE ticker symbol: AP). APRI harnesses Cleanergy, AboitizPower's brand for clean and renewable energy from its 467-MW geothermal power plants in Tiwi, Albay, and Makiling-Banahaw area, Laguna.  

Through the deal, CANORECO can now meet its customers' needs by providing an average of 18 to 20 MW of Cleanergy, while leaving a lighter impact on the environment. The electric cooperative supplies power to Camarines Norte’s capital city Daet and 10 municipalities including Mercedes, Labo, Vinzons, Sta. Elena, Basud, Talisay, San Vicente, Capalonga, Paracale and Panganiban.

The signatories of this agreement were APRI COO Michael Pierce, CANORECO Board President Arwin Segundo and CANORECO GM Engr. Lorenzo Canlas.
Following the contract signing, CANORECO was hosted by Aboitiz-owned distribution utility, Davao Light and Power Co., which gave a tour of its  facilities and operations. Through this first of joint undertakings, CANORECO will be able to bench mark and learn of the best practices from other Aboitiz-owned utilities. This, in turn, will redound to a more efficient operation.

“APRI is  delighted to partner with CANORECO in providing it the power it needs. We are committed not only to provide electricity but to see the growth of our client-partners. With the current management working with AboitizPower, I believe that  CANORECO will become even more efficient over the next 10 years," said Miguel Aboitiz, SVP-Power Trading and Marketing.

After a competitive bidding process among four proponent generators,  APRI was awarded the power supply agreement and is set to commence delivery  to CANORECO on December 26, 2011.

"CANORECO is very pleased that in partnership with AboitizPower, it will have a stable and secure power supply for the next 10 years. We  look forward to a healthy and vibrant working relationship with AboitizPower,” said Canlas.

AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, retail and power services.  It is a major producer of Cleanergy, harnessed from several hydroelectric and geothermal assets in its generation portfolio. AboitizPower  also has non renewable  power plants located across the country. The company owns distribution utilities that operate in high-growth areas in Luzon, Visayas and Mindanao. (For more details, please visit: www.aboitizpower.com and www.cleanergy.com.ph).




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