GOTIANUN-LED Filinvest Development Corp. (FDC), through its power unit FDC Utilities Inc., is planning to expand its power portfolio to 1,000 megawatts (MW) in the next five years.
Josephine Gotianun-Yap, FDC president and chief executive officer, told reporters that the company is looking at different projects to be able to meet its 1,000-MW target before 2019.
She said the company is looking at several projects, particularly water or geothermal projects.
She said they will also look at power contracts such as government district contracts, and independent power producer administrator (IPPA) contracts with the Power Sector Assets and Liabilities Management (PSALM).
The FDC president said that the company is interested in expanding in Luzon to widen its visibility.
“Luzon is a market we cannot avoid. It’s an important market. We’re looking at Luzon right now but we’re more visible in Mindanao. We also look at partnerships. We’ve done greenfield projects but we’re also open to brownfield [projects],” she said.
To date, Filinvest Group has three major power projects in its portfolio: the 405 MW coal-fired power plant in Misamis Oriental, which is slated to be the biggest plant in Mindanao when it fires up in 2016; and two IPPA contracts with PSALM, including the 40-MW Unified Leyte geothermal power complex and the 100-MW Mt. Apo 1 and 2 plants in North Cotabato.
FDC reported a 9-percent increase in first half net profit to P2.9 billion, while revenues rose 4 percent to P19 billion from P18.1 billion in the same period last year.
FDC is owned and operated by the Gotianun family, which has interests in power generation (FDC Utilities Inc.), property (Filinvest Land Inc.), banking (EastWest Banking Corp.), mall, theater and resort hotel (Filarchipelago Hospitality Inc. and Filinvest Hotels Corp.) and sugar farming and milling (Pacific Sugar Holdings Corp.).