Aboitiz Power Corp. plans to spend P190 billion to push its renewable energy capacity to 4,600 megawatts, or half of its total generation portfolio by 2030.
The listed power generation arm of the Aboitiz Group already has 1,000 MW of ongoing energy projects, including a 17-megaWatt Tiwi geothermal plant, the 167-megaWatt peak Laoag solar project, and the 94-megaWatt peak solar power facility in Bugallon.
AboitizPower saw net income last year rise by 32 percent to P27.5 billion, helped by fresh contributions of the 1,336-megaWatt GNPower Dinginin Ltd. Co., higher availability across the company’s portfolio, gains from commodity hedges, and higher water inflows.
“Aside from providing shareholder returns, AboitizPower will reinvest the money to the business to help fuel growth and realize our aspiration of having a 50:50 balance between our renewable and thermal portfolios by 2030,” said AboitizPower president and chief executive officer Emmanuel Rubio in a statement.
