JERA, a power generation company, agreed to acquire a 27% stake in Aboitiz Power, a holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services, for $1.58bn. “We have had a very good relationship with the Aboitiz family for many years, since Tokyo Electric Power Company joined the power business in the Philippines through Team Energy in 2007. In cooperation with Aboitiz Power, JERA will contribute to further development in the Philippines by both supporting the stable supply of energy in the country and contributing to an expeditious, cost-competitive roll-out of clean and renewable energy while taking into consideration the unique circumstances of the country,” Satoshi Onoda, JERA President.