MANILA -- The management of AboitizPower expressed confidence that it will complete three major projects before yearend.
Aboitiz Equity Ventures, Inc. (AEV) chief executive officer Erramon Aboitiz identified the projects as the Pagbilao 3 in Quezon, the Manolo Fortrich hydropower in Bukidnon, and the Therma Visayas, Inc. (TVI) in Cebu.
In an interview with the Philippine News Agency on Monday, he said the Pagbilao 3 project already begun early this year. "This serves as an expansion for the Pagbilao Units 1 and 2. It has a capacity of 420 MW. The Manolo Fortrich will be finished in the next three to four months, while TVI will be finished by the end of the year," Aboitiz said.
The executive mentioned that the firm saw the opportunity in the Visayas region to build the TVI -- a 340-MW CFB coal-fired plant.
Aboitiz said the construction of these projects started three to four years ago. The firm borrowed money from local banks to finance these projects, he told the PNA. "It's basically 70 to 75 percent debt," he said.
"(Having these projects) will give additional supply to the market," he remarked.
Meanwhile, AboitizPower's net income for the first quarter of 2018 was PHP4 billion, 9 percent lower than the same period last year. The decrease was attributed to the Philippine peso's depreciation against US dollar.
The biggest growth in the first quarter's income came from households, according to Antonio Moraza, AboitizPower's president.
Despite having a lower net income for the first quarter, AboitizPower announced it will continue developing mix of technologies to deliver energy reliably and reasonably. (PNA)
