The International Finance Corp. (IFC) and AboitizPower Corp. have signed an agreement to help assess the viability of renewable energy as a source of base load power in the Philippines.
In a statement, IFC said on Wednesday, March 30, that it was tapped to conduct a joint in-depth study with AboitizPower to explore a mix of technologies that can potentially displace fossil fuel-based power sources and reduce carbon dioxide emissions in the country.
Emmanuel V. Rubio, AboitizPower president and chief executive officer said their engagement with IFC is a significant step in mapping an effective climate action roadmap for the company.
“Based on the country’s natural resources, climate, and geography, we look forward to learning more about how we can generate base load power that is technically and financially feasible as well as scalable,” Rubio said.
Under the Philippines’ climate goals, the nation is aiming that by 2030, renewable energy should account for 35 percent of its overall generation mix, and 50 percent by 2040.
“For AboitizPower, IFC’s timely support will help us stay true to our mission of driving energy sufficiency for the country that is both affordable and climate friendly,” Liza Luv T. Montelibano, AboitizPower chief financial officer said.
The company’s partnership with IFC began in 2007, when the latter financed the rehabilitation of its power plants. They now serve as an essential contributor to the Philippines’ energy landscape.
For the company, this new engagement marks yet another milestone in terms of its renewable energy journey.
Highlighting the importance of renewable energy, Alfonso Garcia Mora, IFC regional vice president “Given its climate commitments, IFC is confident that renewables will offer a viable path forward for the Philippines.”
“Harnessing cleaner and natural resources, including solar and wind, will enable the country to diversify its energy mix and improve energy security while also tackling climate change impacts,” Mora said.
AboitizPower, along with its partners, holds the largest renewable energy generation installed capacity in the country, comprising solar, hydro, and geothermal energy.
Currently, P190 billion has been allocated for its renewable energy projects along with an additional capacity of 3,700 megawatts.