Listed firm Aboitiz Power Corporation had cast capital outlay of P190 billion that it will funnel to diverse renewable energy (RE) projects and up for implementation within a period of 10 years.
For that scale of spending on greenfield projects, the company emphasized that its RE capacity under its ‘Cleanergy’ brand will expand by 3,700 megawatts.
Upon concretizing that goal, Aboitiz Power’s aggregate power generation portfolio will already hover at 9,200MW – and it is a target it is enthusiastically keeping its eyes on at the turn of the decade.
“The company aims to expand its total attributable net sellable capacity to 9,200MW in the next 10 years – half of which or 4,600MW will come from various renewable energy sources,” the Aboitiz firm stressed, adding that it will still need “to build around 3,700MW of additional RE capacity to meet its 4,600MW goal.”
As of end-July this year, the company specified that it already put it fingers on 2,364MW of new RE installations – and these are now at varying stages of development, with the bulk to be sited in Luzon.
As highlighted by Aboitiz Power President and CEO Emmanuel V. Rubio, “the company’s pipeline RE projects are currently 60-percent solar, 32-percent wind and 9.0-percent hydro.”
He further qualified “since all of these projects are still in the development stage, specific details on size and cost are still being finalized,” and the company said it will unleash the final project blueprints in the coming months.
The recent projects already unveiled by the company include the 74MW solar farm venture in Bugallon, Pangasinan; of which capacity will be offered to contestable customers in the retail competition and open access (RCOA) contracting space of the industry.
Rubio added the Aboitiz firm is “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.”
The company likewise sounded off that it is wishing to concretize its 2030 project development frame “without building any new coal-fired power plant facilities,” which is also the investment expansion pathway embraced by its toughest rivals in the deregulated power sector.
The company is joining the legion of RE investors that will advance the government’s hankering for multi-pronged RE project developments that shall be underpinned by multiplicity of policies -- including those of the Green Energy Option Program, Renewable Portfolio Standards and net metering program.
“Aboitiz Power is planning to tap into its existing and pipeline RE projects to participate in these government-led initiatives,” it noted, apparently referencing to the Department of Energy’s aspiration to scale up RE’s share in the power mix to 35-percent by year 2030. ###