Aboitiz Power Corp. is spending P62 billion this year to build power projects led by the 1,336-megawatt coal-fired power plant in Diningin, Mariveles and acquire more energy assets.
The company said it was looking at acquisition opportunities locally and internationally to expand its generation portfolio.
“More than half [of the capital expenditures] is for Diningin,” Aboitiz Power president Antonio Moraza told reporters after the annual stockholders’ meeting.
Moraza said parts of the budget would be spent for the Therma Visayas coal plant (340 MW), Pagbilao unit 3 (420 MW), capital expenditure of its distribution utility unit and other purposes.
Moraza said the company was looking at opportunities overseas, especially in Myanmar and Indonesia, while evaluating local investments.
“We are always on the lookout for opportunities. If there is something available and for sale, we will definitely look at it,” he said.
“For Myanmar and Indonesia, we have the sites. We know where we want to be…but it’s too early,” the executive said.
Moraza said the company was interested in hydro and solar opportunities in the two Southeast Asian countries.
Moraza did not say whether the company was interested in the sale of AC Energy Inc.’s 50-percent stake in coal assets valued at around $1 billion.
“As to the deals, our standard answer for many years now is, Aboitiz Power will look at any potential deals that are available. Unfortunately, there are potential deals that may or may not carry NDA [non-disclosure agreement] in which case, we are not free to comment. I can’t really comment on deals,” he said.
Aboitiz Equity Ventures Inc. president Erramon Aboitiz said the power unit would continue to invest in the power sector in the region.
“If the country needs power badly…it’s a good opportunity to come in,” he said.
“We are continuing to look at greenfield developments in Indonesia and Myanmar. It takes patience since it might take a while before it bears fruit,” Aboitiz said.
Aboitiz Power said it was on track to hit its goal of 4,000 MW in sellable capacity by 2020. Its current net attributable capacity stands at 3,003 MW.
Moraza said the company was expecting 500 MW of new capacity to come online in 2018 from the Pagbilao Unit 3 facility, the Manolo Fortich hydropower plant and Therma Visayas coal plant.
Aboitiz Power ’s net income fell 9 percent in the first quarter to P4 billion from P4.4 billion a year ago, on foreign exchange losses.
The company said excluding the one-off adjustments, core net income rose 4 percent in the quarter to P5.2 billion.