(AboitizPower) is looking at exploring and developing a potential hydropower project in Myanmar, its president said on Wednesday.
“We are still looking at hydro potential in Indonesia and we’re looking at Myanmar, too,” Antonio Moraza said, adding “our people” recently visited Myanmar.
“We’re looking at starting at permits,” he said when asked how advanced the discussions are in Myanmar. “It’s progressing, but hydro projects take a long gestation so it needs patient money.”
In terms of capacity, Moraza said the hydro project being eyed in Myanmar is “large” and could be “several hundred” megawatts (MW).
Of its Indonesia prospect, AboitizPower has signed an agreement with SN Power AS and PT Energi Infranusantara to participate in the feasibility studies for the exploration and development of a potential 127-MW hydropower generation project along the Lariang River in Central Sulawesi, Indonesia.
Moraza said Indonesia, which has a large demand for energy, is a “good opportunity”.
AboitizPower is also keen on other renewable projects and hopes to add solar energy to its portfolio to supplement its hydroelectric and geothermal projects.
Moraza said the proposed foreign projects would not be part of the 4,000-MW target capacity by 2020.
“The expansion outside the Philippines will not be finished by 2020,” he said.
The company is targeting to achieve 4,000-MW net sellable capacity by 2020.
The power firm is mainly focused on developing a hydropower business overseas after it did not win in the auction of the geothermal assets of Chevron Global Energy Inc. in Indonesia and the Philippines.
“Our focus now is hydro,” Moraza said. “Right now, none has come across,” referring to new geothermal prospects. “Our experience with geothermal is riskier than we thought.”
AboitizPower, together with partners, is expected to complete five more power projects in the country this year with a total capacity of over 800 MW.
For AboitizPower alone, two projects are due for completion. These are the 69-MW Manolo Fortich hydropower plant in Bukidnon and the 8.5-MW Maris Canal hydro project in Isabela through its subsidiary SN AboitizPower.
AboitizPower cited the following projects due for completion with partners this year: the 340-MW Therma Visayas baseload power plant in Toledo, Cebu, and the 400-MW Pagbilao power-plant expansion.
The 340-MW coal-plant project is a joint venture between AboitizPower and Vivant Corp. The project costs P41 billion. It is expected to be completed in the third quarter of this year.
The Pagbilao expansion project is being undertaken with TPEC Holdings Corp., a unit of TeamEnergy Corp. Commercial operation of the $1-billion power facility is expected to be completed in November this year.
The company is also adding biomass to its renewable-energy portfolio with the recent acquisition of Aseagas Corp. by Aboitiz Renewables Inc. from Aboitiz Equity Ventures Inc. Aboitiz said it is in the process of commissioning the 8.8-MW biomass power plant in Lian, Batangas.