Philippines' Aboitiz eyes splurging $1.15b capex for power projects

It targets 3,500MW capacity by end-2018.

Philippine-based conglomerate Aboitiz Equity Ventures is more than doubling its capital expenditure to Php77b ($1.47b) this year, and almost 80% of the budget will be allocated to its power business.

Php60b ($1.15b) will be used to roll out power projects both in the Philippines and in other Southeast Asian countries.

Chief Financial Officer Manuel Lozano said that the company currently has little below 3,000 megawatts of attributable capacity and they aim to hit 3,500MW by the end of the year.

At present, the company is looking for more power opportunities in Indonesia, Vietnam, and Myanmar.