MANILA -- Aboitiz Power expects to add 287 megawatts in net attributable generating capacity next year on its way to 4,000MW by 2020.
Antonio Moraza, the company's president and chief operating officer, said on Wednesday that three plants will become operational in late 2017: the Manolo Fortich hydropower plant in the southern Philippines, along with the third Pagbilao coal plant and the Maris Canal hydropower plant. The latter two are on Luzon island and 50% owned by Aboitiz Power.
Aboitiz Power has already launched 170 MW in new capacity this year, and has a total portfolio of nearly 2,580MW to date.
Early this month, Aboitiz Power moved to acquire Blackstone Group's power businesses in the Philippines for $1.2 billion. The deal has yet to be cleared by anti-trust regulators, but would give provide an additional 932MW.
Executive Vice President Danel Aboitiz confirmed on Wednesday that the company is in talks with Japan's Marubeni for a combined bid on Chevron's geothermal assets in the Philippines and Indonesia, which have an estimated worth of $2.5 billion to $3 billion.
Aboitiz Power reported on Wednesday that net income in the third quarter was up 23% year on year to 5.1 billion pesos ($105 million). Earnings in the first three quarters rose 24% to 15.1 billion pesos with power generation contributing 80% of the company's business.
Aboitiz Power shares rose 0.11% on Wednesday, while Manila's benchmark index dropped 1.13%.