Philippines’s Aboitiz Renewables Inc. (ARI), the renewable energy subsidiary of Aboitiz Power Corp., will invest in a greenfield 102 MW wind power project located in Rizal and Laguna provinces of the Philippines. The project is being developed by Singapore-based renewable energy company Vena Energy.
The project is expected to reach financial close and commercial operations in 2024 and 2025, respectively. Aboitiz Power did not disclose the cost of the investment.
James Arnold Villaroman, President of ARI, said, "We are very pleased to partner with Vena Energy as we share the goal of expanding the Philippines' renewable energy generation portfolio over the next few years. Through ARI, Aboitiz Power is taking firm steps towards realizing our long-term objective of growing our renewable energy capacity and striking a 50:50 balance between our renewable and thermal portfolios by 2030."
Emmanuel Rubio, CEO of Aboitiz Power Group, added that the joint venture further strengthens the company's position in the wind energy sector.
He believes, " 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."
Samrinder Nehria, Vena Energy head of business in the Philippine, stated that the project will accelerate the process of energy transition in the Philippines. The company is also collaborating with other companies to operate five solar power plants and one wind power plant in the Philippines, with a total capacity of about 330 MW. At the same time, Aboitiz Power Group will work with its partners to build an additional 3,700 MW of renewable energy projects, tripling its existing renewable energy capacity by 2030.
The Philippine government aims to increase the proportion of renewable energy in the power generation mix to 35% by 2030 and 50% by 2040.