KUALA LUMPUR. — Aboitiz Power Corp. said it is talking to a possible engineering, procurement and construction (EPC) contractor for its planned expansion of the Therma Visayas Inc. (TVI) coal-fired power plant in Toledo, Cebu.
“We’re talking to the EPC (contractor) if they can meet our timeline. We’re looking at it to be operational before the end of 2027… The increase in demand in Visayas will happen in 2027. So, we want to be able to serve the grid,” Ronaldo Ramos, Aboitiz Power Thermal chief operating officer of operated assets, told reporters on the sidelines of the Enlit Asia 2024 energy conference here.
Ramos said the company is also talking to banks willing to fund the TVI unit 3 expansion with 150 megawatts (MW) capacity.
Aboitiz Power said fundraising activities are expected to be conducted within the fourth quarter of the year, with banks that funded the first two units of TVI seen to also participate in funding the additional unit.
Ramos also highlighted in the forum the Philippines’ continued need for baseload capacity while transitioning to use more renewable energy (RE).
“We’re looking at a 50:50 balanced mix by 2040. That said, the road to net zero is a multi-decade and phased journey. Instead of fixating on timelines, we should focus on whether the necessary triggers and catalysts for this transition are in place,” Ramos said.
For this year, Aboitiz Power allocated P73 billion in capital expenditure, more than double the P26 billion allotted in 2023.
The company currently has a growth strategy to add 3,700 MW of new RE capacity to have a total RE of 4,600 MW by 2030.
