Aboitiz Power Corp. has set aside as much as P50 billion for next year as capital expenditures.
Juan Alejandro Aboitiz, Aboitiz Power senior vice president and chief financial officer, said the amount will mostly be spent in new projects with a focus on renewable energy.
“A big part of our capex is for new projects primarily for renewables. Fundraising is always a critical component of growth so we’re looking at all of our options to raise more,” Aboitiz told reporters in a media event in Makati City last week.
The Aboitiz Group, or Aboitiz Equity Ventures Inc., has budgeted P78 billion for next year the bulk of which or P32 billion had been set aside for Aboitiz InfraCapital Inc., its infrastructure arm.
Aboitiz Power eyes spending P190 billion over the next decade to generate an additional 3,700 megawatts (MW) of renewable energy to hit the target 4,600-MW renewables portfolio by 2030.
Aboitiz Power has close to 1,000 MW of renewable energy projects in wind, solar farms and geothermal programs in the pipeline.
