ABOITIZ Power Corp. (AboitizPower) is expecting its 159-megawatt (MW) Laoag solar plant to start delivering energy to the grid next year, boosting the company’s confidence in sustaining its growth momentum.
“We started delivering to the grid from our 94 megawatt [peak] Cayanga power station — which is a solar plant in Pangasinan — and, in 2024, we’re expecting our 159 megawatt [peak] Laoag solar plant to start delivering to the grid, which is in Pangasinan as well,” AboitizPower Chief Financial Officer Juan Alejandro A. Aboitiz said in a media release on Thursday.
The company is currently completing the Laoag solar project, which is expected to be fully energized by the second quarter of 2024.
Mr. Aboitiz said he is also expecting the 24-MW battery energy storage project at Magat hydroelectric power plant in Ramon, Isabela to start delivering electricity next year. The project is under SN Aboitiz Power Group — its joint venture with Norwegian firm Scatec.
AboitizPower is also targeting to energize its 17-MW binary geothermal power project in Tiwi, Albay by the first quarter of next year.
“We are on track to deliver our growth aspirations, and obviously if there are opportunities to build more RE (renewable energy) — such as wind for example — that’s something that we’re always looking to do,” Mr. Aboitiz said.
AboitizPower has allotted P50 billion as its capital expenditure budget for next year, which is mostly for the expansion and construction of its RE projects.
The company has set a target net attributable capacity of 9,200 MW and a 50:50 balance between RE and thermal portfolios by the end of the decade.
To date, the company has RE projects with a combined capacity of close to 1,000 MW that are in the pipeline through the development of wind, solar, and geothermal projects.
“We’re approaching the transition in a very balanced way. Philippine energy demand continues to grow with the economy every year. As we continue to build RE, we also have to ensure that there is sufficient baseload capaci-ty,” Mr. Aboitiz said.
“In order to have a just and equitable transition, the entire energy system has to evolve. The [transmission] networks have to be able to manage more variability in the grid because of all of the renewable energy we are build-ing,” he added.
In the third quarter, AboitizPower reported an attributable net income of P8.92 billion, 6.4% lower than the P9.53 billion posted in the same quarter last year.
At the local bourse on Thursday, shares of the company went up by P0.45 or 1.21% to close at P37.55 apiece. — Sheldeen Joy Talavera
