Aboitiz Power Corporation (AboitizPower), through its clean energy subsidiary Aboitiz Renewables, Inc. (ARI), recently entered into a P20-billion loan agreement with the Land Bank of the Philippines (LANDBANK) to fund the growth of its renewable energy (RE) portfolio.
According to AboitizPower Chief Renewables Officer Jimmy Villaroman, this long-term debt financing will fund ongoing expansion and development projects, including constructing new renewable energy power plants.
“We are very grateful to LANDBANK for their support and confidence in our company,” Villaroman said. “This loan will allow us to continue providing clean and sustainable energy to help meet the growing demand in the country.”
Villaroman pointed out that the loan facility aligns with AboitizPower’s 10-year strategy of growing its RE portfolio to 4,600 MW, or half of the total 9,200 MW capacity, alongside its thermal assets, which the company targets to generate by 2030.
AboitizPower is eyeing to spend P190 billion within this decade for an additional 3,700 MW of clean energy capacities. As of November 2022, the company has over 1,000 MW of disclosed and ongoing RE projects, which include solar, floating solar, hydro, and onshore wind.
AboitizPower Chief Financial Officer Liza Luv Montelibano said this loan is a testament to the company’s strong financial position and its lending partners’ trust in the organization.
“We look forward to continuing to work with LANDBANK and other financial institutions as we drive the growth of renewable energy in the country,” Montelibano shared.
AboitizPower, together with its partners, is the largest owner and operator of RE in the Philippines based on installed capacity. It has been leading in the RE space since the 1970s, beginning with hydro, then, later on, also expanding to add geothermal and solar to its Cleanergy portfolio.
Recently, the company entered into a joint venture agreement with renewable energy firm
Mainstream Power to develop a 90-MW onshore wind project in Libmanan, Camarines Sur.
In the next ten years, AboitizPower will grow its Cleanergy portfolio domestically and internationally to help build the country’s renewable energy market and contribute to the global renewable energy goals.
State-run LANDBANK is committed to supporting the development of RE sources to increase access to reliable, clean, and sustainable power, in line with helping to mitigate the effects of climate change in the country. – BusinessNewsAsia.com