Aboitiz Power Corporation (AboitizPower) expects continued progress in 2025, bolstered by its business and operational achievements last year, which saw developments in its ambitious program to grow its renewable energy fleet by three times by 2030.
“AboitizPower remains focused on delivering operational excellence in its power plants, developing a pipeline of new energy capacity, and pursuing opportunities in its distribution and retail business,” said AboitizPower Chief Finance Officer Sandro Aboitiz.
The Company cited the 159-MWp Laoag solar; the 17-MW Tiwi binary geothermal; the 45-MWp Armenia solar; and the 173-MWp Calatrava solar — all energy projects that went online in 2024 — as accomplishments in its 10-year growth strategy of adding approximately 3,700 MW of new renewable energy capacity by decade’s end.
AboitizPower’s 45-MWp Armenia solar in Tarlac
“The energization of the Armenia and Calatrava solar plants in the fourth quarter were the final touches to AboitizPower’s strong performance in 2024,” Aboitiz said. “AboitizPower intends to grow its momentum and we are excited to build the next wave of renewable energy projects in 2025 and beyond.”
AboitizPower will help contribute to the power supply as the Philippine economy continues to grow in the near term. The Company will drive impact through its portfolio of thermal, renewable energy, energy storage systems, and distribution, as well as from its retail electricity services segment.
“Power plants and power networks are crucial components to powering the nation’s development. With the completion of big-ticket transmission projects like the Mindanao-Visayas Interconnection and the Cebu-Negros-Panay Backbone, more generated power can be delivered to demand centers,” Aboitiz said.
AboitizPower believes in a holistic approach to the Philippine energy transition, requiring all available and viable technologies on the table; from thermal, to renewable, to energy storage. Currently, the Company still has over 1,000 MW of disclosed projects from various indigenous energy sources, while constantly pursuing opportunities in solar, hydro, geothermal, wind, and energy storage systems.
(L-R) AboitizPower Transition Business Group COO Celso Caballero III and Chief Finance Officer Sandro Aboitiz with SCGC Chief Operations Officer Mongkol Hengrojanasophon and REPCO NEX Managing Director Chakorn Kraivichien formalize the partnership between their companies to develop power plants into smart facilities through Project Arkanghel.
Last year, AboitizPower’s Transition Business Group sustained multi-year best-in-class availability and reliability. Through a digital transformation program called “Project Arkanghel,” which is in partnership with Thai company REPCO NEX Industrial Solutions, AboitizPower aims to transform its thermal power plants into smart power plants, integrating digital twin technologies and asset monitoring systems to predict equipment failures and minimize the number of plant outages.
“The energy transition will require thermal capacities to support variable renewable energy capacities and ensure the affordability and security of our energy system,” Aboitiz explained.
In the first nine months of 2024, AboitizPower’s distribution utilities observed an increase in energy sales from residential and commercial and industrial customers, growing by 14% and 5%, respectively, year on year. This reflects the anticipated increase in electricity demand, a trajectory that will continue on in the decades to come.
Collectively, AboitizPower’s EBITDA saw a 12% increase year on year to P56.09 billion in the first nine months of 2024. This is attributed to higher generation portfolio margins and the integration of additional capacities, as well as the growth in retail volume and increase in energy sales from the distribution utility business.
Accepting the Golden Arrow Award for AboitizPower is VP for Corporate Affairs Suiee Suarez (2nd from left), pictured together with Aboitiz Equity Ventures (AEV) VP — Governance & Compliance Mailene De La Torre (1st); AEV Chief Legal & Compliance Officer Connie Chu (3rd); and Union Bank of the Philippines Lead Independent Director Roberto Manabat (4th).
For three years in a row, AboitizPower also received a Golden Arrow Award, which marks its compliance with corporate government standards and favorable standing with international best practices. For the 2023 ASEAN Corporate Governance Scorecard, the Company was accorded a 3-arrow recognition.
“This award acknowledges our efforts to maintain transparency, accountability, and ethical business standards and is a testament to our team’s dedication in upholding the highest standards of corporate governance,” Aboitiz said. “We strive to Transform Energy for a Better World by delivering strong performances across business segments, generating a positive impact in host communities, and minimizing adverse effects to the environment.”
AboitizPower along with the rest of the Aboitiz Group has long upheld ESG strategies — or environmental, social, and governance — in its operations, spanning decades of aspiring and being recognized as role models of environmental stewardship, social responsibility, good governance, and corporate citizenship.
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