MANILA, Philippines - Aboitiz Power Corporation plans to raise as much as P50 billion in July to finance construction of coal-fired power plants.
Aboitiz Power president Erramon Aboitiz said they will raise the funds through subsidiaries Therma South and RP Energy.
Aboitiz Power is now in preliminary talks with lenders for the project financing.
The firm said it will spend P33 billion on the 600-megawatt Subic coal-fired facility, and about P17 billion for a 150-megawatt plant in Davao.
Meanwhile, Aboitiz Power reported that its earnings fell 31% to P5.1 billion in the first quarter of the year, as softening prices in the energy spot market led to lower merchant sales. - ANC
