AboitizPower Corp., the energy arm of conglomerate Aboitiz Equity Ventures, said on Tuesday it is confident of hitting its 4,000-megawatt (MW) generation capacity target by 2020 while maintaining a healthy portfolio of renewable energy facilities.
At present, 32 percent of its portfolio comes from its geothermal, hydro, and solar power plants.
Next year, the company is set to increase its capacity with the ongoing construction of its 69-MW Manolo Fortich and 8-MW Maris Canal hydro power plants, as well as the 400-MW Pagbilao 3 and 340-MW Therma Visayas thermal power plants.
“We will continue to push our balanced mix strategy because we believe that the long-term energy security of the country can be solved by balancing sustainability, accessibility, and reliability of power,” Chief Executive Officer Erramon Aboitiz said during at the company’s 10th listing anniversary held at the Philippine Stock Exchange.
“We will remain strategic yet disciplined in our approach towards achieving our growth goals, always mindful of our role in nation building,” he said.
Earlier this month, the company successfully issued P3-billion of Series A Bonds due 2027 to finance the construction of one of its power plants in Luzon, the GNPower Dinginin power plant.
The issuance forms part of its P30-billion bond program under shelf registration which was approved by the Securities and Exchange Commission (SEC) last June 16, 2017.
On the power distribution front, the company said it will ride on the healthy economic growth in areas served by Visayan Electric Co., Davao Light and Power, Cotabato Light and several economic zones it serves. Combined, the distribution utilities will serve around 900,000 customers.
AboitizPower commenced in the early 1900s when it invested in small utilities like Jolo Power and Ormoc Power.
It later acquired Davao Light and Power, Cotabato Light and Power, as well as Visayan Electric and further expanded after the passage of the EPIRA Law (Electric Power Industry Reform Act) Law in 2001.
The company built its first power plant, the 1.2-MW Irisan 3, in 1990 through its subsidiary Hedcor.