Aboitiz Power Corp. is open to the possibility of listing its renewable energy (RE) arm, Aboitiz Renewables Inc. (ARI) in the future.
“We know we have a good renewable portfolio and we have a pipeline and there’s varied ways to extract value… As we are evaluating several options, whatever will be the right one at a specific point in time is what we will do,” said Liza Montelibano, Aboitiz Power senior vice president, chief financial officer and corporate information officer, in a briefing with reporters in Taguig City last week.
The company said it is currently focused on further improving its pipeline to come up with a better valuation.
Emmanuel Rubio, Aboitiz Power president and chief executive officer, said initial public offering investors look at current assets, the company’s ability to execute and meet commitments as well as the value of current project pipeline.
Rubio said value of assets and history of project execution can be considered “ticked boxes” for ARI’s listing but noted the company is still developing a pipeline of renewable projects.
Among the current RE projects under ARI’s pipeline are the 94 MW Cayanga solar project in Bugallon, Pangasinan; two more solar projects in Laoag, Pangasinan with a total capacity of 159 MW; the 17 MW binary geothermal power plant in Tiwi, Albay; and the 90 MW onshore wind project in Libmanan, Camarines Sur.
Rubio said despite the value addition a public listing can do for ARI, they also need to “consider its implications” to Aboitiz Power as the latter is also a listed company at present.
As of October 2021, Aboitiz Power had the second biggest share in installed generating capacity in the entire country at 5,049.86 MW equivalent to a share of 21.56 percent of the total 23,422.34 MW.
Aboitiz Power eyes spending around P190 billion over the next decade for an additional 3,700 MW of RE, growing its capacities to 4,600 MW or three times the company’s current renewables portfolio by 2030.
