ABOITIZ Power Corp. is ramping up its power-generation capacity, with several hydro and base-load power plants targeted for completion next year.
AboitizPower President Antonio Moraza said the company is set to add some 500 megawatts (MW) of attributable capacity in 2018. He said the projects are on track and should be mostly online in the first half of next year.
“The entry of these plants will significantly support the country’s energy reserves and will show that the Philippines is open for business and investments,” Moraza said. “We have one of the most diversified portfolios in the country, and we continue to be on the lookout for opportunities to push our balanced mix strategy.”
With its partner SN Power, AboitizPower recently completed construction of the 8.5-MW Maris Canal hydro project in Isabela. Its wholly owned subsidiary Hedcor, meanwhile, is wrapping up construction of a 68.8-MW hydro plant in Manolo Fortich, Bukidnon.
The company is also completing the 340-MW Therma Visayas baseload power plant in Toledo City, Cebu, and the 400-MW Pagbilao 3 baseload-power plant in Quezon.
The power firm maintained it is on track to meeting its 4,000-MW net attributable capacity target by 2020.
Meanwhile, Moraza said AboitizPower expects to be able to make a final decision within the year on its Aseagas biomass power plant facility in Lian, Batangas, that is currently under extended shutdown.
“We are currently continuing our technical evaluation, and a write-off is a possibility,” he said.
The Lian plant ceased operations on November 24 due to unavailability of the supply of organic effluent wastewater from Absolut Distillers Inc.
Aseagas has prepaid its outstanding loan with the Development Bank of the Philippines in the amount of P2.368 billion. Aseagas also has invested equity of around P950 million for the biomass plant and has around P460 million in outstanding liabilities.
Aseagas is a wholly owned subsidiary of AboitizPower, through Aboitiz Renewables Inc., its holding company for its investments in renewable energy.
Aboitiz Power is the holding company for the Aboitiz Groups investments in power generation, distribution and retail electricity services. It is one of the largest power producers in the Philippines with a right-mix portfolio of assets across the country.
It also owns distribution utilities that operate in high-growth areas in Luzon, the Visayas and Mindanao, including the second-largest and third-largest private utilities in the country.