(UPDATED) Aboitiz Power Corporation has allotted Php23 billion for capital expenditures (capex) this year mainly for the completion of the GNPower Dinginin (GNPD) coal power plant project and the installation of various battery energy storage systems (BESS).
In a statement, parent firm Aboitiz Equity Ventures (AEV) said majority of AboitizPower’s capex will be used to fund the two sets of ventures. AboitizPower’s capex share forms nearly half and comprises the biggest allocation of AEV’s Php69 billion investment for 2021.
Located in Mariveles, Bataan, the 1,336-megawatt (MW) GNPD was a joint venture between AboitizPower, AC Energy, and Power Partners Ltd. The Ayala-led firm, though, divested from GNPD following its announcement last year that it is dropping coal from its power generation portfolio.
Construction for GNPD’s first unit began in 2016 and was scheduled for completion in 2019. The second unit, meanwhile, began in December 2017 with completion six months supposedly after the development of the first unit.
Should there be no further delays, AboitizPower is looking to begin operating the first unit by late June and the second unit by late November.
The firm is also looking to develop 12 BESS projects with a total capacity of 248MW for regulating and contingency reserves in the next ten years.
BESS is a type of energy storage system that is capable of storing energy electrochemically. It can be connected to the grid, small grid, distribution system, or end-user facility to deliver the energy demand when needed.
AboitizPower’s first BESS project is currently installed in subsidiary Therma Marine Inc’s (TMI) 49MW facility in Maco, Davao De Oro. TMI’s fellow subsidiary SN Aboitiz Power is also developing its pilot 20MW BESS and 20 megawatt-hour BESS facility in the Magat Dam complex at the Isabela-Ifugao boundary.
“We continue to invest in our country to support economic recovery and growth, as millions of Filipinos are relying on us – families and communities. Our team members take this responsibility to heart. We simply cannot fail. Over the next [ten] years, we commit to investing in capacities to advance business and communities in the nine Asia Pacific countries where we operate,” said Aboitiz Group President and CEO Sabin Aboitiz.