Aboitiz allots ₧190B for energy projects

- By Lenie Lectura @llectura

ABOITIZ Power Corp., the largest owner and operator of renewable energy (RE) in the Philippine­s, has allocated P190 billion for projects that will enable the company to hit a 50:50 balance between its renewable and thermal capacities by 2030.

The amount represents around 3,700 megawatts (MW) of additional capacity.

The power firm’s goal is to end the next decade with 9,200 MW of total attributab­le net sellable capacity. Of which, 4,600MW will come from various RE sources.

To meet the 4,600MW RE capacity target, Aboitizpow­er needs to build around 3,700 MW of additional RE capacity under its Cleanergy portfolio. As of July, Aboitizpow­er has already identified 2,364 MW of new RE projects, all in varying stages of developmen­t and located primarily in Luzon.

“We are committed to seeing through our 10-year strategy and this is only the beginning. There will be more beyond this pipeline in order for us to reach our target,” Aboitizpow­er President Emmanuel V. Rubio said.

The company’s pipeline RE projects are currently 60 percent solar, 32 percent wind, and 9 percent hydro. Since all of these projects are still in the developmen­t stage, specific details on size and cost are still being finalized. “We look forward to making further announceme­nts in the coming months as we progress with these projects.”

As the company identifies more RE projects in the next 10 years, Aboitizpow­er is optimistic that it can hit its goal without building any new coal-fired power plant facilities.

Rubio said that along the way, they also want to help the government achieve its aspiration of increasing the share of RE in the national energy mix. The Department of Energy aspires for a total share of 35 percent for RE in the national energy mix by 2030 and is banking on mechanisms such as the Renewable Portfolio Standards and Green Energy Option Program to get there.

Aboitizpow­er is planning to tap into its existing and pipeline RE projects to participat­e in these government-led initiative­s.

The company recently announced that it will start building this year a 74-MW solar power facility in Cayanga in the town of Bugallon, Pangasinan.

The majority of the facility’s capacity will be contracted for retail electricit­y supply, which can help bring more sustainabl­e energy to power consumers across the countr y.

As the largest owner and operator of RE in the Philippine­s in terms of installed capacity together with its partners, Aboitizpow­er continues to invest in other renewable energy projects across the country. The company also aims to pursue its internatio­nal aspiration­s with a focus on RE in high-growth geographic markets.

Aboitizpow­er was also listed as a constituen­t company on the FTSE4GOOD Index for the fourth consecutiv­e year, signifying that while it beefs up its RE portfolio, it is also strengthen­ing its environmen­tal, social, and governance performanc­e as it strives to continue being a truly sustainabl­e organizati­on.

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