Aboitiz earmarks P27.4B for new projects
ABOITIZ POWER CORP., THE investment arm of the Aboitiz family in the energy sector, is spending P27.4 billion this year for new power projects, up from the P15-billion budget set last year. Among the projects that the company has lined up over the next few years are the construction of a 300-megawatt coal-fired power plant by the third quarter at the Subic Bay Freeport Zone . . .
The allocation is part of a P70-billion, four-year capital expenditure the company has programmed starting this year until 2011, Aboitiz Power president Erramon Aboitiz said late Wednesday.
In 2009, Aboitiz said capital expenditure was set at P20 billion, another P18 billion will be required by 2010 and P6 billion by P2011.
Among the projects that the company has lined up over the next few years are the construction of a 300-megawatt coal-fired power plant by the third quarter at the Subic Bay Freeport Zone; a 34-MW expansion (worth P6 billion) of the company’s 42-MW hydroelectric power plant in Davao that is also under construction; a 246-MW coal-fired power plant in Toledo, Cebu, and the rehabilitation of the 175-MW Ambuklao-Binga hydroelectric power complex in Benguet once it is turned over to a joint venture firm owned by Aboitiz Power and SN Power of Norway.
Aboitiz said that upon completion of these projects, Aboitiz Power would have invested in power plants with a total capacity of 1,832 MW.
“The prevailing conditions in the Philippine power industry allow for enormous opportunities for growth. The industry is in the midst of massive changes involving deregulation, increased competition and further privatization of government-owned assets. Hydro represents the majority of our generation mix. We will continue to build on this base and grow our renewable energy business,” Aboitiz said.
Aboitiz Power reported that its earnings grew 144 percent to P1.01 billion in the first quarter from P415 million in the same period last year driven by the contribution of acquired power plants such as the 360-megawatt Magat hydroelectric power plant in Isabela that the company earlier bought from the government. By Elizabeth Sanchez-Lacson Philippine Daily Inquirer
The allocation is part of a P70-billion, four-year capital expenditure the company has programmed starting this year until 2011, Aboitiz Power president Erramon Aboitiz said late Wednesday.
In 2009, Aboitiz said capital expenditure was set at P20 billion, another P18 billion will be required by 2010 and P6 billion by P2011.
Among the projects that the company has lined up over the next few years are the construction of a 300-megawatt coal-fired power plant by the third quarter at the Subic Bay Freeport Zone; a 34-MW expansion (worth P6 billion) of the company’s 42-MW hydroelectric power plant in Davao that is also under construction; a 246-MW coal-fired power plant in Toledo, Cebu, and the rehabilitation of the 175-MW Ambuklao-Binga hydroelectric power complex in Benguet once it is turned over to a joint venture firm owned by Aboitiz Power and SN Power of Norway.
Aboitiz said that upon completion of these projects, Aboitiz Power would have invested in power plants with a total capacity of 1,832 MW.
“The prevailing conditions in the Philippine power industry allow for enormous opportunities for growth. The industry is in the midst of massive changes involving deregulation, increased competition and further privatization of government-owned assets. Hydro represents the majority of our generation mix. We will continue to build on this base and grow our renewable energy business,” Aboitiz said.
Aboitiz Power reported that its earnings grew 144 percent to P1.01 billion in the first quarter from P415 million in the same period last year driven by the contribution of acquired power plants such as the 360-megawatt Magat hydroelectric power plant in Isabela that the company earlier bought from the government. By Elizabeth Sanchez-Lacson Philippine Daily Inquirer
Labels: aboitiz, power plant, subic
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