AboitizPower to Add 500 MW Capacity in 2018

AboitizPower Corporation is set to add some 500 megawatts of attributable capacity in 2018, coming from the completion of several hydro and baseload plants in Luzon, Visayas, and Mindanao.

AboitizPower President and COO Antonio R. Moraza said the projects are on track and should be mostly online in the first half of 2018.

“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. “We have one of the most diversified portfolios in the country and we continue to be on the lookout for opportunities to push our balanced mix strategy.”

Meanwhile, Moraza said 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 an extended shutdown.

“We are currently continuing our technical evaluation, and a write-off is a possibility,” Moraza said.

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 ManoloFortich, Bukidnon.

The company is also completing the 340-MW ThermaVisayas baseload power plant in Toledo City, Cebu and the 400-MW Pagbilao 3 baseload power plant in Quezon.

Aseagas said that it prepaid its outstanding loan with the Development Bank of the Philippines 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. (PR)