Listed company Aboitiz Equity Ventures (AEV) has allotted P80 billion this year for the construction of more power plants in a bid to help boost power capacity in the country.
The amount, which is part of the P88 billion capital expenditure the company allocated for 2014, will be at the disposal of Aboitiz Power, AEV’s arm for energy-related ventures.
The power company recently began operating the 14 megawatt (MW) Tudaya I and II hydro plants in Mindanao.
It is also completing two new power plants for 2015—the 13 MW Sabangan hydro plant in Luzon and the 300 MW Therma South baseload plant in Davao.
Three more power plants are expected to be operational by 2017. These are the 52 MW Manolo Fortich hydro plant in Bukidnon, the 300 MW Therma Visayas baseload plant in Cebu and the 400 MW Pagbilao 3 plant in Luzon.
Aside from its existing portfolio, Aboitiz Power is also currently studying the use of solar and wind energy to expand its energy sources.
AEV president and CEO Erramon Aboitiz expressed hope that the company’s expansion program will help solve the country’s energy problem.
“We hope that our continued investments in energy infrastructure would help ease threats of a possible power supply shortfall in the country,” added Aboitiz.
AEV’s power business is implementing a five-year plan which began in 2012.
The move will double its capacity from the current 2000 MW in attributable capacity to over 4,000 MW in 2017.