ABOITIZ POWER Corp. (AboitizPower) said its renewable energy arm Aboitiz Renewables, Inc. (ARI) had entered a partnership with Vena Energy to invest in the latter’s 102-megawatt (MW) wind power project in Rizal and Laguna.
“We are thrilled to partner with Vena Energy, given our shared ambition of growing the Philippine renewable energy generation portfolio in the coming years,” James Arnold D. Villaroman, ARI president and chief executive officer, said in a media release on Thursday.
The wind power project is likely to get financial close by 2024 and commence operations by 2025, AboitizPower said.
Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said the joint venture agreement between the company’s unit and Singapore-based Vena Energy will accelerate its wind energy assets.
“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,” Mr. Rubio said.
“Through ARI, AboitizPower 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,” Mr. Villaroman said.
Vena Energy is a renewable energy company that owns, develops, constructs, operates, manages, and commercializes a renewable energy portfolio.
“We are confident that by combining our experience and on-the-ground capabilities, this project will make a significant impact in accelerating the energy transition in the Philippines,” said Samrinder Nehria, head of Vena Energy Philippines.
Earlier this year, Vena Energy expressed its plans to grow its renewable energy projects in the Philippines with a combined capacity of 500 MW in the next three years.
Currently, Vena Energy has around 330 MW of operating renewable energy projects in the Philippines.
AboitizPower aims to have a portfolio mix with 50:50 renewable energy and thermal capacities by 2030. Based on its website, AboitizPower has around 3,962.25 MW of attributable net sellable capacity. The company placed its renewable attributable net sellable capacity at 928.42 MW. It is targeting to build 3,700 MW of renewable energy capacity by 2030. — Ashley Erika O. Jose