New plants to add 500MW to Aboitiz supply portfolio
New power plants are set to open online this year, which will add 500 MW capacity to the AboitizPower supply portfolio.
AboitizPower President and Chief Operating Officer Antonio R. Moraza announced that the company is on track with its completion target for hydro and baseload plants in Luzon, Visayas, and Mindanao.
“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 in a statement adding that the company is constantly on the lookout for opportunities to push for balanced mix strategy, as it has the most diversified portfolios in the country.
The company is pushing efforts to reach 4,000 MW capacity by 2020.
It is also starting to work on exploring opportunities in the ASEAN region, said Aboitiz Power Distribution Group COO Jaime Jose Aboitiz.
The company's thermal powers plant in Toledo City, Therma Visayas Inc., which will add an additional 340MW of reliable baseload power will help ensure energy security of Cebu and the Visayas will soon start commissioning, assured Aboitiz.
The Therma Visayas plant is one of the plants scheduled to go online in the first quarter this year.
On the other hand, Moraza said that AboitizPower expects to be able to make a final decision within the year on its Aseagas biomass power plant facility in Batangas that is currently under extended shutdown.
"We are currently continuing our technical evaluation, and a write-off is a possibility,” Moraza said in a statement.
AboitizPower with its partner SN Power recently completed construction of the 8.5-MW Maris Canal hydro project in Isabela, while wholly-owned subsidiary Hedcor 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.
Aseagas disclosed last Monday that it prepaid its outstanding loan with the Development Bank of the Philippines (DBP) in the amount of Php2.368 billion. The company also has invested equity of around Php950 million for the biomass plant and has around Php460 million in outstanding liabilities.