ABOITIZ Power Corp. (AboitizPower) is looking at exploring opportunities to raise funds via the capital markets for its 2030 clean energy capacity targets.
“As agility is part of our transformation efforts, we are always exploring and ready to explore opportunities in the capital markets to finance our growth ambitions. Anything that we will do is opportunistic and purposeful,” Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said in a Viber message.
Earlier, the listed energy arm of the Aboitiz group said it was optimistic about reaching its renewable energy expansion target within the decade.
“Capex investment will be financed by the cash generated from operations and bank loans for major projects. In terms of capital raising, AboitizPower is in a good position having successfully completed its capital raising activities last year,” Mr. Rubio said.
AboitizPower aims to expand its renewable energy portfolio in the next 10 years. It has set a target of building an additional 3,700 megawatts (MW) of renewables, growing its capacities to 4,600 MW by 2030.
According to its website, the company is setting aside about P190 billion to fund its renewable energy expansion target.
In January, AboitizPower, through its renewable energy arm Aboitiz Renewables, Inc., announced that it had secured a P20-billion loan agreement with the state-led Land Bank of the Philippines to fund the expansion of its renewable energy portfolio.
Currently, the company has pipeline projects of more than 1,000 MW, which include the development of renewables such as wind, solar, and geothermal plants. — Ashley Erika O. Jose