ABOITIZ Power Corp. (AboitizPower) said on Tuesday that its subsidiary, Aboitiz Renewables Inc. (ARI), would be taking full control of Cornerstone Energy Development Inc. (CEDI) after a joint venture partner, Mainstream Renewable Power Philippines Holdings B.V. (MRP), sold its shares and effectively terminated an agreement to co-develop an onshore wind project in Camarines Sur.
In a disclosure, Aboitiz Power said it was informed by ARI that it "reached an agreement" with MRP last Friday, Jan. 10, for the transfer of its shares in CEDI through a share purchase agreement.
