ABOITIZ GROUP HIKES CAPEX TO ₱48B IN 2021
Aboitiz Equity Ventures, Inc. is setting aside ₱48 billion in capital expenditure (CapEx) for 2021, 69% higher than the ₱29 billion spent in 2020.
The majority of the budget or ₱23 billion was earmarked for its power strategic business unit (SBU) Aboitiz Power Corp. for the completion of GNPower Dinginin as well as the battery energy storage projects.
"We continue to invest in our country to support economic recovery and growth, as millions of Filipinos are relying on us - families and communities. Our team members take this responsibility to heart. We simply cannot fail. Over the next 10 years, we commit to investing in capacities to advance business and communities in the nine Asia Pacific countries where we operate,” said Aboitiz Group President and Chief Executive Officer Sabin M. Aboitiz.
The 1,336 MW GNPower Dinginin baseload power plant is currently being constructed in Mariveles, Bataan. AboitizPower is likewise adding to its portfolio battery energy storage system projects that will help ensure grid stability through sufficient ancillary services, starting with the installation of a 49-MW facility of business unit Therma Marine, Inc. in Maco, Davao de Oro.