Aboitiz Power Corp. has obtained a P20 billion loan facility from the Land Bank of the Philippines to support the expansion of its renewable energy growth portfolio.
Jimmy Villaroman, Aboitiz Power chief renewables officer, said Landbank’s long-term debt financing would fund the group’s expansion and development projects, including new renewable energy power plants.
Villaroman said the loan would enable the company to “continue providing clean and sustainable energy to help meet the growing demand in the country.”
Under its 10-year growth strategy, Aboitiz Power aims to grow its RE portfolio to 4,600 megawatts or half of the total 9,200 MW capacity, alongside its thermal assets, which the company targets to generate by 2030.
Aboitiz Power expects to spend P190 billion within this decade for an additional 3,700 MW of clean energy capacities.
As of November last year, the company had over 1,000 MW of disclosed and ongoing RE projects, which include solar, floating solar, hydro, and onshore wind.
Aboitiz Power chief financial officer Liza Luv Montelibano said the loan is a testament to the company’s strong financial position and its lending partners’ trust in the organization.