AboitizPower Corp. on Tuesday said that it plans to set aside up to $500 million over the next five years to invest hydro power projects in Southeast Asia, particularly in Myanmar, Indonesia, and Vietnam.
In a television interview, Aboitiz President and Chief Operating Officer Antonio Moraza also said the company will finish the construction of one hydroelectric plant before the end of the year and plans to build “a couple more” beginning in 2018.
He added they are looking at investing in solar energy if it becomes cheap enough.
The power firm said it is on course to boost capacity to 4,000 megawatts by 2020 while maintaining a healthy portfolio of renewable energy facilities.
Earlier, as Aboitiz celebrated its 10th listing anniversary on the Philippine Stock Exchange, the company said it continues to pursue a balanced mix strategy while riding on the country’s economic growth.
Aboitiz Chief Executive Officer Erramon Aboitiz said the company “will remain strategic yet disciplined in our approach towards achieving our growth goals, always mindful of our role in nation building.”
Aboitiz Group, which constructed its 1.2-MW Irisan 3 power plant in 1990, said they are set to add more capacity to their portfolio, such as the 69-MW Manolo Fortich and 8-MW Maris Canal hydro power plants, as well as the 400-MW Pagbilao 3 and 340-MW Therma Visayas thermal power plants.