Published December 29, 2017, 10:00
PM By Myrna
M. Velasco
The non-renewable power investment
arm of the Aboitiz Group has prepaid US$320 million worth of loans that it
secured from various lenders in 2016, the listed firm has noted in its
disclosure to the Philippine Stock Exchange.
It specified that it has been its
subsidiary, Therma Power Inc. (TPI), that consummated the prepayment of the
loan facility that was sealed in an agreement with lenders dated November 24,
2016.
“TPI used internally generated funds
for this purpose,” the Aboitiz firm has indicated to the local bourse.
Notably, the Aboitiz Group stands as
the second biggest player in the restructured electricity sector in terms of
capacity installations, with it vouching on having ‘diversified play’ across
various energy technologies.
The company’s power investments are
similarly geographically dispersed across grids – from Luzon to Visayas and
Mindanao grids.
Next year will be another ‘milestone
phase’ for the company with the well-anticipated additional 500MW capacity on
its portfolio, mainly coming from its 200MW share in the 400MW Pagbilao joint
venture plant expansion and another 340MW from its Toledo power project in
Cebu.
It also has renewable energy
developments on the side that it was able to bring to commercial operations
phase this year, chiefly the 68.8MW Manolo Fortich hydropower project in
Bukidnon.
Despite collapsing prices in the
country’s electricity spot market, the company’s financial performance
transcends the hurdles because of the supply contracts that it has been
painstakingly negotiating and signing up for its generated capacities.
Aside from the bilateral contracts
it has been underwriting with distribution utilities and electric cooperatives
(ECs), the Aboitiz Group has likewise been aggressively knocking on the doors
of end-users that can already exercise ‘power of choice’ on their preferred
electricity service.
On the retail market space, the company
previously indicated that its target for the year would be up to 800MW of
contracted capacity.
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