Aboitiz Renewables Inc. (ARI), the renewable energy (RE) subsidiary of Aboitiz Power Corp., will invest in a wind power project of a Singapore-based RE firm in Rizal and Laguna.
Under the joint venture agreement between ARI and Vena Energy (Vena Energy), the Aboitiz unit will invest in Vena Energy’s greenfield 102-megawatt (MW) wind power project in Rizal and Laguna.
The project is expected to reach financial close and commercial operations in 2024 and 2025, respectively. AboitizPower did not disclose the investment cost.
“We are thrilled to partner with Vena Energy, given our shared ambition of growing the Philippine renewable energy generation portfolio in the coming years.
Through ARI, Aboitiz Power is taking decisive steps towards our long-term objective of growing our renewable energy capacity and striking a 50:50 balance between our renewable and thermal portfolios by 2030,” said ARI President and COO James Arnold Villaroman.
Samrinder Nehria, Vena Energy head of business in the Philippines, said its project will make a significant impact in accelerating the energy transition in the Philippines.
The Philippine government targets a 35-percent RE share in the power generation mix by 2030 and 50 percent by 2040.
“We are excited to have AboitizPower as a strategic partner as Vena Energy continues to develop, construct, operate, and grow its renewable energy portfolio in the country,” said Nehria.
Vena Energy, in partnership with other companies, operates 5 solar plants and a wind farm in the Philippines with a combined capacity of around 330 MW.
AboitizPower President and CEO Emmanuel Rubio added that this joint venture builds on the company’s foothold in wind energy.
“This underscores our aspiration to be a significant contributor to a well-managed and just energy transition that will fuel the economic progress of the country. We continue to serve the critical needs of the Philippine energy system. We are confident we are able to deliver this project for our country’s renewable energy requirements,” he said.
AboitizPower, together with its partners, will build an additional 3,700 MW of renewable energy, growing its existing Cleanergy capacity threefold by 2030.
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