AboitizPower eyes additional 1200 MW of renewable energy

Aboitiz Power Corp. is planning to develop mostly solar and wind power plants in the country as part of efforts to boost its renewable energy portfolio to about 1200 megawatts.

Aboitiz Renewables Inc. president and COO James Arnold Villaroman said the listed power arm of the Aboitiz Group is “currently on track” to complete its 176 MW of renewable energy projects by the first half of the year.

“The second phase of AboitizPower’s expansion will see an additional capacity of around 1700 MW of solar and wind power,” Villaroman said.

According to the company, this is aligned with the Department of Energy’s plans on shifting to a 35 percent and 50 percent share of renewable energy in the power generation mix by 2030 and 2040, respectively.

Villaroman said the transition must be “gradual and intelligent.”

“It has to be well-planned and uniquely suited to each country. The solutions we devise must be tailor-fit to address our problems and opportunities,” he said.

“It cannot happen overnight and might take years, if not decades, to realize. But we believe it is possible,” Villaroman added.

Meanwhile, peak electricity demand is projected to increase by six percent annually until 2040.

Villaroman said that they are exploring more ways to diversify operations.

Meralco PowerGen Corp. (MGen) has partnered with Aboitiz-owned Therma NatGas Power Inc. (TGNP) to invest in Chromite Gas Holdings Inc. (CGHI) that was incorporated on Feb. 28, as part of a plan to launch the country’s first and most expansive integrated liquefied natural gas facility in Batangas.

Based on the Philippine Energy Plan (PEP), 26 percent of gross generation will be from LNG by 2040.

“We as an industry must continue building additional capacity, constantly upgrade our transmission system to ensure this supply gets to where it is needed, and reinforce our distribution networks so homes and businesses have the energy they need,” Villaroman said.