Aboitiz Group raises 2024 capex

March 23, 2024 | 12:00am

MANILA, Philippines — The Aboitiz Group is poised to expand its various business units this year, supported by a substantial increase in capital expenditures.

AboitizPower Corp., which is getting the biggest share of the company’s P153 billion capex for this year, intends to break ground on a number of renewable energy projects this year, including the 89-megawatt peak (MWp) solar project in San Manuel, Pangasinan and a 50-MW wind plant in Camarines Sur.

With a capex of P73 billion this year, AboitizPower also intends to maintain the availability and efficiency of its power plants, as well as deliver fresh capacities to help ensure energy security amid rising power demand.

“Our substantial increase in capital expenditures is a clear reflection of our commitment to renewable energy. We believe that investing in sustainable energy sources is not just good for the environment, but also makes good business sense. As a techglomerate, we intend to redefine the meaning of industry and community in the digital age,” Aboitiz Group president and CEO Sabin Aboitiz said.

The holding company, meanwhile, is allotted with P44 billion of the group’s 2024 capex, of which P40 billion is earmarked for the acquisition of Coca Cola Beverages Philippines, Inc., the bottling arm of Coca Cola in the country.

Aboitiz InfraCapital (AIC) and its partners have allotted a total of P25 billion capex to strengthen and optimize existing assets, while looking at new projects and synergies within the group.

AIC Water is exploring opportunities to expand its portfolio following the successful launch of subsidiary operations.

Further, AIC intends to further improve the operations and enhance the customer service experience at Mactan-Cebu International Airport.

For digital infrastructure, Unity Digital will prioritize driving co-location across towers to enhance digital connectivity nationwide.

Pilmico and Gold Coin Group, meanwhile, has been allotted almost P4 billion capex this year, mostly for its agribusiness expansion projects.

Pilmico plans to improve its meats business further this year by repopulating its breeder farms, developing channels to bring up plant utilization of its meat-cutting facility and reinforcing its meats organization.