Aboitiz Power Corp. said its subsidiary, Aboitiz Renewables Inc. (ARI), recently entered into a P20-billion loan agreement with the Land Bank of the Philippines to fund the growth of its renewable energy (RE) portfolio.
Jimmy Villaroman, Aboitiz Power chief renewables officer, said the long-term debt financing will fund ongoing expansion and development projects, including the construction of new RE power plants.
Villaroman added the loan facility is aligned with the company’s 10-year strategy of growing its RE portfolio to 4,600 megawatts (MW) or half of the total 9,200 MW capacity, alongside its thermal assets, which the company targets to generate by 2030.
Aboitiz Power is eyeing to spend P190 billion within the decade for an additional 3,700 MW of clean energy capacities.
As of November 2022, the company had over 1,000 MW of disclosed and ongoing RE projects which include solar, floating solar, hydro, and onshore wind.
Liza Luv Montelibano, Aboitiz Power chief financial officer, said the loan also serves as a testament to the company’s strong financial position and its lending partners’ trust in the organization.
Aboitiz Power expressed openness to the possibility of listing ARI in the future.
Among the current RE projects under ARI’s pipeline are the 94 MW Cayanga solar project in Bugallon, Pangasinan; two more solar projects in Laoag, Pangasinan with a total capacity of 159 MW; the 17 MW binary geothermal power plant in Tiwi, Albay; and the 90 MW onshore wind project in Libmanan, Camarines Sur.
