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LISTED
Aboitiz Power Corp. (APC) is pouring in P10 billion to
help complete the construction and expansion of various
power generation facilities.
The
equity, said president and chief executive officer
Erramon Aboitiz, would be channeled to greenfield
projects like the 34-megawatt (MW) Tamugan hydro; 246-MW
Cebu coal; 300-MW
Subic coal plant and the expansion of the 42-MW Sibulan
facilities.
Of these
power ventures, only the Sibulan and Tamugan projects
are 100 percent owned by the group. APC controls 26
percent of the Cebu coal and 50 percent of the Subic
coal facility.
“Our
equity in these projects will be supported mostly by our
internally generated cash,” said Aboitiz.
He said
a total of P60 billion is needed to complete these
projects. “And since we are contributing P10 billion,
the remaining P50 billion will be funded through
borrowings at the project level.”
The Cebu-based
company, which has acquired a number of plants in 2007
via public auctions held by the government, is preparing
for new opportunities in the power sector.
Aboitiz
said they are keen on bidding for the 747-MW Tiwi-MakBan
geothermal plant in Laguna and Albay; the 192-MW
Palinpinon facility; 146-MW Dingle diesel plant; and the
246-MW Angat hydropower plant.
“Opportunities abound with government’s privatization
initiatives and we want to take part in those
opportunities,” he said.
APC is
the holding company for all the power generation and
distribution businesses of the Aboitiz group. Since its
incorporation in 1998, it has accumulated interests in
both hydroelectric power generation facilities and in
thermal plants.
In the
first quarter of 2008, its net income grew to P1.01
billion from P415 million in the same period last year
as revenues, bannered by its distribution business, rose
41 percent to P2.9 billion. |
