Despite hitting setbacks due to the COVID-19 pandemic, Aboitiz Power Corporation will still push through with its expansion ventures in Southeast Asia, particularly Vietnam, Indonesia, and Myanmar.
The projects, though, will be pursued beginning in 2023, according to AboitizPower President and CEO Emmanuel Rubio. He earlier said that the company’s Vietnam expansion project would be deferred. The company also recently announced a lower income for the first nine months of 2020 due to the pandemic.
Rubio specified that the overseas power investments in the pipeline consist of hydro, wind, gas, and solar facilities.
AboitizPower recently stated that it will be allotting Php24 billion for capital expenditures in 2021, primarily geared towards the construction and operations of the GNPower Dinginin coal-fired power plant. Located in Mariveles, Bataan, the 1,336 megawatt plant is expected to operate next year.
The company aims to have a 50-50 mix of thermal and renewable energy (RE) power generation sources in its portfolio in the next decade by increasing RE investments.