Aboitiz Power Corporation, through its renewable energy subsidiary Aboitiz Renewables Inc., has secured a Php 20 billion agreement with the Land Bank of the Philippines to fund the growth of its RE portfolio.
In a disclosure to the Philippine Stock Exchange (PSE) AboitizPower chief renewables officer Jimmy Villaroman said that the loan is to fund the ongoing expansion and development projects, which include the construction of new renewable energy power plants.
“This loan will allow us to continue providing clean and sustainable energy to help meet the growing demand in the country,” Villaroman said in a statement.
Villaroman said that the Php20 billion loan is aligned with AboitizPower’s 10-year strategy of increasing its RE portfolio to 4,600 megawatts (MW), which is half of their 9,200 MW capacity, by 2030.
AboitizPower is looking to spend Php190 billion within the decade for the additional 3700 MW. As of November last year, the company has over 1000 MW of disclosed and ongoing renewable energy projects.
In December, Aboitiz Power launched its 49 MW battery energy storage system (BESS) in Maco, Davao de Oro.
The company’s retail electricity supply (RES), Advent Energy, has been supplying renewable energy to two manufacturing plants in the Visayas.