AboitizPower looks to spend ₱190 billion on new renewable projects in the next decade

Aboitiz Power Corp., the holding firm for the Aboitiz group’s investments in power generation, distribution, and retail electricity services, said that it is looking to spend ₱190 billion on new renewable projects (RE) in the next decade.

The investment will scale up the company’s “Cleanergy” portfolio, which is expected to make up 50% of its power generation portfolio by 2030.

At the end of 2020, its Cleanergy brand accounted for 21% of its portfolio while its thermal capacity had 79%. By 2030, the company hopes to reach a 50-50 split between the two and reach a total attributable net sellable capacity target of 9,200 MW, half of which will come from various RE sources.

“The firm needs to build around 3,700 MW of additional RE capacity to meet its 4,600-MW goal,” said AboitizPower.

Currently, solar accounts for 60% of the company’s pipeline projects but they are all still in the development stage.

“We are committed to seeing through our 10-year strategy and this is only the beginning. There will be more beyond this pipeline for us to reach our target,” said Emmanuel V. Rubio, AboitizPower President, and Chief Executive Officer.

Rubio explained how the company wants to help the government achieve its target of ramping up the country’s share of renewables in its energy mix to 35% within the next 10 years.

The company stated it was confident in its ability to reach its 2030 goal “without building any new coal-fired power plants.”

“As the largest owner and operator of RE in the Philippines in terms of installed capacity together with its partners, AboitizPower continues to invest in other renewable energy projects across the country,” said AboitizPower.

“The company also aims to pursue its international aspirations with a focus on RE in high-growth geographic markets,” it added.

AboitizPower was recognized for the fourth time in a row as a constituent company by the FTSE4Good Index series, a global index that identifies companies that show “strong” environmental, social, and governance (ESG) practices.

The company said its consolidated net income increased by 136% to ₱4 billion in the second quarter on the back of commissioning revenues from Unit 1 of its new facility GNPower Dinginin in Marveles, Bataan.