AboitizPower Corp. is set to add about 500 megawatts (MW) of attributable capacity in 2018 with the completion of several hydro and baseload power plants in Luzon, Visayas, and Mindanao.
AboitizPower President and Chief Operating Officer Antonio Moraza told analysts in a briefing on Tuesday that their projects are on track and should go mostly online in the first half of the following year.
“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.
The AboitizPower official added their company continues to be on the lookout for opportunities to push a balanced mix strategy, noting they have one of the most diversified portfolios in the country.
Meanwhile, Moraza said AboitizPower expects to decide within the year what to do with its 8.8-MW biomass power plant in Lian, Batangas.
Earlier, the company announced that its wholly-owned unit Aseagas Corp. would keep its facility on shutdown while continuing to assess technical problems.
The biomass power plant ceased operations on November 24, reportedly due to the unavailability of supply of organic effluent wastewater from Absolut Distillers, Inc.
Moraza said they are currently continuing their technical evaluation, implying the possibility of a write-off.
Aseagas reported on Monday that it has prepaid its outstanding loan with the Development Bank of the Philippines (DBP) amounting to P2.4 billion. The company said it has invested equity of about P950 million in the biomass plant and about P460 million in outstanding liabilities.
AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services. Together with its partner SN Power, it recently completed the construction of the 8.5MW Maris Canal hydro project in Isabela.
Another wholly-owned subsidiary, Hedcor, is finishing the construction of a 68.8-MW hydro plant in the municipality of Manolo Fortich in Bukidnon. AboitizPower is also completing the 340-MW Therma Visayas baseload power plant in Toledo City, Cebu and the 400-MW Pagbilao 3 baseload power plant in Quezon.