Aboitiz Power Corp. is pursuing hydropower ventures in Indonesia and Myanmar as it looks to expand its business in Southeast Asia amid the oversupply situation in the Philippines, its top official said yesterday. The two countries have the potential for several hundreds of megawatts of hydropower projects which will be the company’s focus for its…
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AboitizPower aims for ‘balanced mix strategy’
ABOITIZ POWER Corp. is aiming for what it called a “balanced mix strategy” this year with the completion of several power generation projects that use sources including coal and hydro-electric, it said on Tuesday. “That has always been part of strategy — to tap renewable energy as long as it is available and cost-effective for…
Aboitiz scores in Cebu power plant dispute
Aboitiz-owned Therma Power Visayas Inc. edged closer to gaining control of the 153.1-megawatt Naga Power Plant Complex in Cebu after the Supreme Court (SC) denied with finality an appeal filed by the generation facility’s current operator, Salcon Power Corp. (SPC). In similar statements to the Philippine Stock Exchange, both Aboitiz Power Corp. and SPC disclosed to decision of the…
RP Energy inks contracts for Subic coal power plant
Redondo Peninsula Energy Inc. (RP Energy) has sealed construction and supply contracts with a local company and a Korean firm to build its 2×300-megawatt (MW) coal-fired power plant in Subic, Zambales. RP Energy signed a construction contract with Azul Torre Construction Inc. and a supply contract with Korean firm Doosan Heavy Industries & Construction Co….
SNAP-Magat raising P19 B notes
SN Aboitiz Power-Magat Inc. (SNAP-Magat), a unit of Aboitiz Power Corp., is raising P19 billion from corporate notes with two local banks to pay off debts and finance general corporate purposes. AboitizPower disclosed yesterday SNAP-Magat has signed a notes facility agreement Bank of the Philippine Islands (BPI) and China Banking Corp. to issue P19-billion fixed…
NGCP urged to allot for transmission upgrades
THE National Grid Corporation of the Philippines (NGCP) is being urged by an industry association to include a budget for “unforeseen transmission upgrades” in its proposed five-year capital expenditure plan to be submitted to Energy Regulatory Commission (ERC) next year. “The biggest issue in the industry is [the absence of] transmission lines for new power…
AboitizPower invests $1.2 B in 2 Bataan plants
The Aboitiz Group is acquiring beneficial interests from Blackstone Group-affiliated investment funds in two GNPower coal-fired power plants in Bataan for about $1.2 billion to meet its 4,000-megawatt (MW) capacity target in the next five years. Aboitiz Power Corp. announced yesterday its wholly owned unit Therma Power Inc. has finalized the purchase and sale agreements…
Aboitiz keen on plant auctions
THE ABOITIZ power group is keen on participating in auctions for the remaining power generation assets that the government is planning to privatize within the next three years, its top official said on Wednesday. This comes as the Power Sector Assets and Liabilities Corp. (PSALM) announced that it was targeting to privatize next year the…
AboitizPower blacklisted by Norwegian central bank from pension fund
Due to its heavy usage of coal, Aboitiz Power Corp. has become the only Philippine-based power firm among the companies initially blacklisted by the Norwegian central bank from the Government Pension Fund Global (GPFG). Norges Bank, the Norwegian central bank, excluded 52 companies worldwide, including 22 firms from the United States, seven each from China…
Aboitiz Group bullish on business growth
Aboitiz Equity Ventures Inc. (AEV) expects its business to continue to grow under the administration of President Duterte despite an expected crackdown against coal-fired power plants. Aboitiz said the conglomerate would also continue to participate in countryside development. Read more here.
Aboitiz Power adds biomass to portfolio
Aboitiz Power Corp. has added biomass to its renewable energy portfolio after its holding unit fully acquired Aboitiz Equity Ventures Inc.’s liquid bio-methane business for P605 million. In separate disclosures yesterday, AEV and AboitizPower disclosed yesterday Aboitiz Renewables Inc. completed the acquisition of Aseagas Corp., the project company for the 8.8-megawatt (MW) biomass energy plant…
SN Aboitiz planning for up to 500 MW in additional capacity within 7 years
SN ABOITIZ Power Group, which controls the projects jointly undertaken by Aboitiz Power Corp. and its Norwegian partner, plans to increase its capacity to around 1,100 megawatts (MW) within seven years, Joseph S. Yu, executive vice-president of SN Aboitiz, said. He placed the company’s current installed capacity at around 600 MW, adding that the new capacity will…
Winnergy Holdings Corp. 