Advent Energy, Inc., a subsidiary of Aboitiz Power Corporation, announced plans to deliver more renewable energy (RE) projects by 2025, with a focus on solar power.
In a briefing, James Yu, Aboitiz Power vice president and head of retail, said the company plans to increase capacity through distributed energy projects worth around P1.8 billion.
“We already have around 50 to 60 megawatts (MW) in the pipeline that we want to build by next year,” he told reporters. “But we want to add an additional 50 to 60 MW every year. Those that will be delivered [by 2025] are the deals signed this year.”
According to Yu, completing a project takes about six to 12 months. Advent Energy aims to add a steady power capacity annually.
To finance these projects, Advent Energy is working with more banks seeking RE investments.
“A lot of these projects will continue to deliver electricity to our customers for the next 20 years. There are some longer, around 20 to 25 years… More and more banks are really looking forward to working with more RE projects. Most of these are solar, and some are solar-battery projects,” Yu added.
“It’s an opportunity for customers to transition from a conventional source to their own RE within their own facility,” he added.
One of Advent Energy’s largest clients is retail giant SM Prime Holdings, Inc., which continues to use clean energy for its mall developments around the country.
“Every year, SM builds more malls, with a target of around three to four establishments. The same goes for WalterMart; I believe they have a target of around two to three new retail stores. These customers are growing,” Yu said.