Aboitiz Power Corp. said Wednesday it will add 500 megawatts of attributable capacity with the completion of hydro and coal-fired plants next year.
Aboitiz Power president and chief operating officer Antonio Moraza said the projects were on track and should be mostly online in the first half of 2018.
“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.
Aboitiz Power and partner SN Power recently completed the construction of the 8.5-MW Maris Canal hydro project in Isabela, while wholly-owned subsidiary Hedcor is wrapping up the construction 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.
“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,” Moraza said.
He said Aboitiz Power was also expected to make a final decision within the year on its Aseagas biomass power plant facility in Batangas that was under extended shutdown.
“We are currently continuing our technical evaluation, and a write-off is a possibility,” Moraza said.
Aboitiz Power is the holding company of the Aboitiz Group’s investments in power generation, distribution and retail electricity services.
The company is one of the largest power producers in the Philippines with a mix portfolio of assets including coal, hydroelectric, geothermal and solar power generation facilities.
The company also owns distribution utilities that operate in high-growth areas in Luzon, the Visayas and Mindanao, including the second and third largest private utilities in the country.