Aboitiz Power is set to open three new power plants in the country to meet the increasing demand for power due to industrialization, according to Erramon I. Aboitiz, Aboitiz Equity Ventures Inc. (AEV) President and Chief Executive Officer.
In a press conference shortly before AEV annual stockholders’ meeting Monday at the Fairmont Hotel in Makati City, Aboitiz said the 68.8 megawatts (MWs)-Manolo Fortich hydroelectric plant; the 340MW Therma Visayas coal-fired power plant in Toledo, Cebu; and the 400MW expansion of the Pagbilao coal-fired plant in Quezon province, were scheduled for commissioning by next year.
”Aligned with the country’s continued economic growth, the Aboitiz’s Group’s own growth journey remains promising and purpose-driven. We are going to drive change for a better world by advancing business and communities through various products and services that our business units provide. If you look at our strategic goals we set we will be at about 4,000MW by 2020,” Aboitiz said.
The company expects to increase to 800MW by 2020 its present contestable market of close to 400 MWs.
In the area of renewable energy, Aboitiz Power Renewables Inc. (APRI) inaugurated the restored 6 MW Binary Plant, Makiling-Banahaw Geothermal Project located in the provinces of Laguna and Batangas last April 27.
Acquisitions are still part of Aboitiz Power’s strategy along with regional expansion. The company is looking at a couple of hydro projects but these are developing projects from scratch so it may take several years before they can actually break ground.
”There are limits to how much capacity we can generate. Once that limit has been reached, we either wait for the capacity of the country to grow or we have to go outside which is why we started looking outside, primarily Indonesia and secondarily, Myanmar,” Aboitiz said. (AAA/PNA)