Global Business Power Corp. expects to double its capacity to a range of 1,500 megawatts to 2,000 MW in the next five years and expand its portfolio to include renewable energy, an official said.
Newly appointed Global Business president Jaime Azurin told reporters the company was looking to expand to Luzon and Mindanao as it was already nearing its market share limit in the Visayas.
The company, led by Metro Pacific Investments Corp., is currently the leading power producer in the Visayas with a gross capacity of 854 MW through its subsidiaries.
“At least 10 to 20 percent of that target capacity will be RE,” Azurin said.
“It depends on what of kind of technology we can fit it”•some solar, some biomass, hopefully hydro,” he said.
Azurin said the company was looking at putting up a hydro facility with a capacity of more than 100 MW but he did not specify the location.
Azurin said he expected to have a more definite investment decision for the planned hydro project by early next year. He said the company was also waiting for acquisition opportunities from solar players whose projects failed to get a feed-in tariff allocation from the government.
“There are a lot of solar stranded assets…for the right price, if it will complement our existing plants. There are offers [to sell these solar assets],” Azurin said.
Azurin said Global Business Power was also pursuing the 670-MW La Union coal project in partnership with Meralco PowerGen Corp. under special purpose company Global Luzon Energy Development Corp.
He said the planned energy investment in Mindanao would be undertaken by subsidiary Mindanao Energy Development Corp.