AboitizPower to finish more projects this year

MANILA, Philippines — Aboitiz Power Corp. is preparing to complete this year three renewable energy projects that will help beef up the company’s clean energy portfolio.

AboitizPower said the 94-megawatt peak (MWp) Cayanga solar project in Pangasinan is expected to begin commercial operations by June.

The company said construction activities for the control building, transmission line, switchyard and PV module installation are ongoing, with overall project status at 88-percent completion as of February.

AboitizPower’s 159-MWp Laoag solar project in Pangasinan is also progressing and is now more than halfway complete.

The company said the first phase, which has a capacity of 72 MWp, is expected to be tested and commissioned by the third quarter, while the second phase, with an 87-MWp capacity, is scheduled in the first quarter of 2024.

Meanwhile, the Magat BESS project, which involves the construction of a 24-MW battery energy storage unit in Isabela, is targeted for completion within the first half.

Its commercial operation is expected to commence in the first half of 2024.

AboitizPower said the addition of battery energy storage unit complements the growth of variable renewable energy in the country, increasing frequency variability to the grid, which requires a more balanced power supply in the system.

Construction of the project started in August last year, with the engineering, procurement and construction contract awarded to Hitachi Energy.

Last year, the company also inked a joint venture agreement with global renewable energy company Mainstream Renewable Power to build a 90-MW onshore wind project in Camarines Sur.

The project, which marked AboitizPower’s first foray into wind energy, is expected to commence commercial operations in the fourth quarter of 2025.

On top of these developments, AboitizPower’s projects under development, which are expected to commercially operate within the next three years, include the 150-MWp Calatrava solar project, 44-MWp Tarlac solar project, 84-MWp San Manuel solar project, 212-MWp Olongapo solar project, 20-MW Hedcor Sablan hydro project; 75-MWp SN AboitizPower Magat floating solar project, and the 40-MW Hedcor Bukidnon Kibungan hydro project.

AboitizPower is working toward bringing its renewable portfolio to 4,600-MW of net attributable sellable capacity by 2030, which includes 3,700-MW of additional renewable energy capacity.

As of end February, AboitizPower said its renewable energy portfolio in operation consisted of net sellable capacity of approximately 1,249.17 MW, divided into 46.80-MW of solar, 912.37-MW of hydro, and 290- MW of geothermal.

The company, together with its partners, has earmarked P32 billion for capital expenditures this year for the development and construction of various solar, geothermal, hydro, and wind projects, as well as the continuous improvement of the reliability of baseload plants and various land acquisitions, and new substations, and meters for its distribution business.

AboitizPower president and chief executive officer Emmanuel Rubio earlier said the  company would reinvest the gains it  made last year to support the country’s aspirations of cleaner and greener economic growth.

AboitizPower is coming from strong 2022 performance wherein it posted a net income of P27.5 billion, up by 32 percent from P20.8 billion the previous year.

“Aside from providing shareholder returns, AboitizPower will reinvest the money to the business to help fuel growth and realize our aspiration of having a 50:50 balance between our renewable and thermal portfolios by 2030,” Rubio said.