The previous year, 2023, was a banner year for the Aboitiz Power Corp., holding company for all energy-related investments of the Aboitiz Group, whose core net income registered a 29 percent jump to P32 billion against P24.8 billion in the previous year.

The company announced on Tuesday that the growth was primarily driven by two factors, that is, the robust contributions from GNPower Dinginin Ltd. Co. and elevated accessibility across its power generation assets.

Volume of energy

The AboitizPower report also showed that the volume of energy sold by AboitizPower in 2023 notably spiked by 17 percent to 35,372 gigawatt-hours, or GWh, compared to 30,251 GWh in 2022.

“We are steadfast in our pursuit of sustainability and you can see that in our ongoing clean energy investments, ESG (environmental, social and governance) ratings, and corporate governance awards,” AboitizPower president and chief executive officer Emmanuel Rubio said.

This year, Rubio said AboitizPower will continue to strategically invest and streamline operations “to pave the way for a brighter energy future for everyone.”

Aboitiz Power plans to complete 400 MW of new renewable power capacity from solar and geothermal this year.

Increases RE capacities by 2030

Likewise, it also plans to spend around P190 billion over the next decade to increase its capacities to 4,600 MW of renewable energy by 2030, which is three times its current portfolio.

Among Aboitiz Power’s upcoming new clean energy capacities include the 17 MW binary geothermal power plant in Tiwi, Albay; the 159 MW solar plant in Laoag, Pangasinan; the 173 MW solar project in Calatrava, Negros Occidental; and another 44 MW solar plant in Armenia, Tarlac that are all expected to come online within the year.