MANILA, Philippines — Aboitiz Power Corp. is looking to add 500 megawatts (MW) of capacity next year once it completes several hydropower and coal-fired power plants across the country.
AboitizPower president and chief operating officer Antonio Moraza said the projects are on track and should be mostly online in the first half of 2018.
AboitizPower and its partner SN Power have completed the construction of the 8.5-MW Maris Canal hydro project in Isabela, while wholly-owned subsidiary Hedcor is nearing the completion of a 68.8-MW hydro plant in Manolo Fortich, Bukidnon.
The company 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.
“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,” he added.
Meanwhile, the company is giving itself until the end of the year to make a final decision on its Aseagas biomass power plant facility in Batangas currently under extended shutdown.
“We are currently continuing our technical evaluation, and a write-off is a possibility,” Moraza said.
Aseagas has recently prepaid its outstanding loan with the Development Bank of the Philippines (DBP) amounting to P2.368 billion.
On top of the loan, the company also invested around P950 million for the biomass plant and has around P460 million in outstanding liabilities.
The Aseagas plant is AboitizPower’s first biomass project, which was supposed to start commercial operations in the second quarter this year.
Earlier, company officials said Aseagas has been encountering issues in getting the plant out of commissioning phase since operating a biomass project is a new territory for the Aboitiz Group.
Aseagas is a wholly-owned subsidiary of AboitizPower through Aboitiz Renewables Inc., its holding company for its investments in renewable energy.
“Despite the challenge on its biomass project, AboitizPower is on track to meet its 4,000-MW net attributable capacity target by 2020,” Moraza said.