Subic EnerZone Corporation
Subic EnerZone Corporation (SEZ) is a privately owned electric distribution utility, managing the power distribution system (PDS) of Subic Bay Metropolitan Authority (SBMA). The company was incorporated on June 3, 2003 and started commercial operations on October 25, 2003.
On May 15, 2003, the SBMA, Aboitiz Equity Ventures (AEV), and Davao Light and Power Company (DLPC) entered into a Distribution Management Services Agreement (DMSA) for the privatization of the SBMA's PDS. The DMSA, which covers a period of 25 years, is comprised of two phases: (a) the 5-year rehabilitation period and (b) the 20-year operation, management, and maintenance period. Initially a joint venture between AEV and DLPC, SEZ won the bid for the privatization of the SBMA's PDS on a rehabilitate-operate-transfer (ROT) scheme in 2003. AEV had a 60% stake in the partnership while DLPC held the rest.
Aboitiz Power Corporation (AP) has entered into an agreement last December 17, 2008 to buy the 20% equity of Team Philippines Industrial Power II Corporation (formerly: Mirant (Phils.) Industrial Power II Corp.) in Subic Enerzone Corporation (SEZ). Together with the 35% equity in SEZ of its subsidiary Davao Light and Power Company, Inc., the present acquisition brings AP’s total equity in SEZ to 100%.
www.subicenerzone.com
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