Even as the COVID-19 pandemic affected the power sector, Aboitiz Power Corporation said it remains focused on more than doubling its capacity, which includes the expansion of its renewable energy (RE) portfolio.
The company is particularly looking to significantly expand its portfolio of
RE power plants such that its capacity would be transformed into a nearly 50:50 thermal to Cleanergy ratio by 2030.
“Our targets in the next decade remain the same. We will continue to pursue a major shift in our energy mix by 2030, but while we remain focused on addressing the country’s energy trilemma of energy security, energy equity, and environmental sustainability, we will be shifting the balance from ensuring low-cost energy to providing energy from more sustainable sources,” said AboitizPower President and CEO Emmanuel Rubio.
The company announced its plan back in April 2020 to more than double its capacity from 4,432 megawatts to 9,300 MW by 2029. It also is pursuing its earlier planned Southeast Asian expansion and is looking to invest in liquefied natural gas facilities. Subsidiary SN Aboitiz Power is also planning to increase its floating solar portfolio following the viability of its Magat Dam project back in December.
AboitizPower had high hopes for 2020 as it anticipated the realization of its growth strategy over the next decade. But three months into what it thought would be a stellar year, the COVID-19 crisis brought about an unprecedented impact on the company, forcing it to transition from significantly growing the business to keeping it afloat, and from expanding the organization to making necessary adjustments in its workforce. The pandemic also pulled down the company’s income in the first three quarters of 2020.
“The year 2020 may not have been what we expected, but it was the year that revealed how resilient we are as an organization, manifested by the group’s successes in spite of the challenges it faced in the last nine months,” Rubio said.