Aboitiz Power to spend P190 billion to boost clean energy capacity
Aboitiz Power Corporation on Wednesday said it has allocated some P190 billion to boost its clean energy capacity, as it seeks to raise it to at least half of the company's total generation portfolio by 2030.
In a filing to the local stock exchange, Aboitiz Power said the spending program aims to grow its clean energy capacity to 4,600 megawatts (MW) from 1,000 MW of ongoing and disclosed clean energy projects.
The company has two solar PV projects in Pangasinan in its pipeline: a 94-MW peak solar power facility in Cayanga, Bulacan set to start commercial operations this year; and a 167-MW peak Laoag solar project in Aguilar next year.
“As we move into 2023, we must maintain and build on this momentum. This year, we are ready to ride the waves of transformation as we leverage digitalization and innovation to improve our operations further,” president and CEO Emmanuel Rubio said.
“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,” he added.
Aboitiz Power reported a 32% increase in its net income for 2022, on the back of fresh contributions from GNPD, higher availability across its portfolio, gains from commodity hedges, and higher water inflows.
“In today’s digital age, we are driven to maximize new technologies to enhance our services and business performance to ultimately provide enjoyable and exceptional customer experiences,” Rubio said.
Aboitiz Power’s operations are divided into four strategic business units: power generation, power distribution, retail electricity services, and distributed energy.
It holds its investments in renewable energy through Aboitiz Renewables Inc. and non-renewable energy through Therma Power Inc, both of which are wholly-owned subsidiaries.
The firm also has ownership interests in nine distribution utilities which collectively supply electricity to franchise areas in 18 cities and municipalities and five economic zones across the country.
Shares in the company closed Wednesday at P38.00 apiece, unchanged from Tuesday’s finish. — BM, GMA Integrated News