THE Aboitiz Power Corporation’s target of increasing its total capacity to 4,000 megawatts (MW) by 2020 is near completion, an official said.
“At present, Aboitiz Power produces a sellable generating capacity of 3,350 MW. We are now very close to our target,” Jaime Aboitiz, executive vice president and chief operating officer of Aboitiz Power Corp. Distribution Group told VoxPop Davao in an interview at the sidelines of the Aboitiz Media Party 2016 last Friday, October 7 at SMX Convention Center, Lanang, Davao City.
He said Aboitiz Power, which comprises about 75 percent of the Group's business, remains committed along with its partners to achieve its goal in time. The power firm’s present sellable generating capacity is a mix of renewable and non-renewable power sources. The 300 MW Therma South Inc in Toril and the latest Renewable Energy facility, the 59-MW Sacasun solar plant in Negros Occidental were both launched this year.
“The nearly-completed Manolo Fortich Hydroelectric Power Project in Bukidnon will add 69 MW to our Cleanergy portfolio which is currently at 1, 263 MW,” Aboitiz said.
“Our recent purchase of the 66 percent interest in the operating GN Power Mariveles 604MW plant and 40 percent in GM Power Dinginin's 668MW plant due in 2019 are bringing us closer to our 4,000 MW goal,” he added.
Aboitiz also shared that the company is shaping up a good year in 2016, beginning with AEV’s 34 percent year-on-year income growth for the first half.
The bulk of the Aboitiz Equity Ventures (AEV) capital expenditure (capex) for this year, pegged at P58.4 billion, is for power generation projects.
The holding company is pouring in 90 percent of its capex for Aboitiz Power, the power sector arm of the company, with a total of P52 billion.
The Group’s other businesses, AEV’s banking and financial services companies will have a combined capex of P968 million -- P871 million allocation for Union Bank’s initiatives geared to push growth in customer businesses supported by loan expansion; P97 million for its newest remittance business PetNet for its branch network expansion, and full-blown execution of the loan origination program on behalf of CitySavings Bank.
While Pilmico, the Group’s food unit, has a total of P2.3 billion capex for the year in support of various initiatives for its flour, feeds, and farms divisions, as well as pursuing opportunities in the region.
Aboitiz Land is spending P2.7 billion to acquire more industrial and residential land. “We are excited about the ‘investments to the next economic Promised Land. Aboitiz is proud to be part of Mindanao, are committed to its growth and be government’s push towards development in the island,” Aboitiz said.
