Aboitiz Power Corp. is preparing to spend as much as P50 billion next year for capital expenditures.
Juan Alejandro Aboitiz, Aboitiz Power senior vice president and chief financial officer, said the amount will mostly be spent for new projects with a focus on renewable energy.
“A big part of our capex is for new projects, primarily for renewables. Fundraising is always a critical component of growth so we’re looking at all options to raise more…,” Aboitiz told reporters in a media event in Makati City last week.
The Aboitiz Group through Aboitiz Equity Ventures Inc. has earlier set a P78-billion capital spending budget this year, the bulk of which or P32 billion has been allotted for Aboitiz InfraCapital Inc., the infrastructure arm of the group.
The group did not specify Aboitiz Power’s allotted capex for this year but the P50 billion scheduled for 2024 has been verified to be bigger compared to what has been scheduled for 2023.
Aboitiz Power eyes spending around P190 billion over the next decade for an additional 3,700 megawatts (MW) of renewable energy, growing its capacities to 4,600 MW or three times the company’s current renewables portfolio by 2030.
Close to 1,000 MW of Aboitiz Power projects in wind and solar farms and geothermal capacities are in the pipeline.
