Aboitiz Power Corp. is planning to conduct a buyback of its own shares using internally generated excess cash.
The company said in a disclosure to the Philippine Stock Exchange yesterday the timing of the activity is not yet decided as market price will be a factor.
It added Aboitiz Power’s management was given the authority to decide when to acquire the company’s shares “as and when market prices dictate and as opportunities arise.”
Earlier this month, Aboitiz Power said its subsidiary, Aboitiz Renewables Inc. (ARI) will further add to the company’s portfolio of renewable energy with new solar facilities in Negros Occidental and Zambales with a total capacity of 384 megawatts (MW).
ARI recently announced that it will build a 173 MW solar power project in Calatrava, Negros Occidental that is expected to export electricity to the grid by December 2024 while the 211 MW solar power project in Olongapo, Zambales is eyed for commercial operations by September 2025.
The two projects brings the total number of AboitizPower solar projects to five, together with projects in San Carlos Sun Power Inc. in Negros Occidental and the Laoag and Cayanga solar projects in Pangasinan.
Aboitiz Power eyes spending around P190 billion over the next decade for an additional 3,700 MW of renewable energy, growing its capacities to 4,600 MW or three times the company’s current renewables portfolio by 2030.
