Aboitiz Power Corp. said Thursday clean energy subsidiary Aboitiz Renewables Inc. signed a P20-billion loan agreement with the Land Bank of the Philippines to fund renewable energy expansion.
Aboitiz Power chief renewables officer Jimmy Villaroman said the long-term debt financing would finance ongoing and new RE power plants.
“We are very grateful to LandBank for their support and confidence in our company. This loan will allow us to continue providing clean and sustainable energy to help meet the growing demand in the country,” Villaroman said.
Villaroman said the loan facility was in line with Aboitiz Power’s 10-year strategy of growing its RE portfolio to 4,600 megawatts, or half its 9,200 MW total capacity target by 2030.
Aboitiz Power is looking at P190 billion in capital expenditure spending for an additional 3,700 MW of clean energy capacities in the next decade.
The company had over 1,000 MW of disclosed and ongoing RE projects, including solar, floating solar, hydro and onshore wind as of November 2022.
Aboitiz Power chief financial officer Liza Luv Montelibano said the loan reflected the company’s strong financial position and its lending partners’ trust in the organization.
“We look forward to continuing to work with LandBank and other financial institutions as we drive the growth of renewable energy in the country,” Montelibano said.
Aboitiz Power and its partners are the largest owner and operators of RE in the Philippines based on installed capacity.
The company also signed a joint venture agreement with renewable energy firm Mainstream Power to develop a 90-MW onshore wind project in Libmanan, Camarines Sur.