Aboitiz Renewables Inc has issued default notices to SunEdison Philippines Helios BV related to their solar joint venture (JV) in the Philippines -- San Carlos Sun Power Inc (SACASUN).
In a filing on Monday, Aboitiz said it “will exert all efforts to protect its interest”.
In April, US renewable energy company SunEdison (OTCMKTS:SUNEQ) filed for bankruptcy protection. Its unit in the Philippines entered into a partnership with Aboitiz Power Corp’s (PSE:AP) renewable energy subsidiary in November 2014, outlining plans for up to 300 MW of projects. The target was later reduced to just 100 MW.
The JV has a 59-MW solar project in Negros Occidental province.
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Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.