Aboitiz Power Corp. is looking at spending P190 billion in the next 10 years to grow its renewable energy portfolio.
This means adding 3,700 megawatts of generating capacity to AboitizPower’s “Cleanergy” assets.
If realized, the company will achieve a 50:50 balance between renewables and fossil-fuel based generators in its fleet of power plants by 2030.
“We are committed to seeing through our 10-year strategy and this is only the beginning,” AboitizPower president and chief executive Emmanuel V. Rubio said in a statement.
“There will be more beyond this pipeline in order for us to reach our target,” Rubio said.
He was referring to the goal of expanding AboitizPower’s total attributable net sellable capacity to 9,200 MW in the next 10 years.
Of this capacity, half or 4,600 MW will come from various renewable energy sources. To meet this goal, the company needs to build around 3,700 MW of additional renewable energy capacity.
So far, AboitizPower has new projects with a total of 2,364 MW of renewable energy assets—mostly solar but also wind and hydro—which are in varying stages of development and located mainly in Luzon.
“We look forward to making further announcements in the coming months as we progress with these projects,” Rubio said.
Considering these plants, AboitizPower is optimistic that it can hit its 2030 goal without building any new coal-fired power plants.
Earlier this year, AboitizPower broke ground for the construction of a 74-MW solar farm in Bugallon, Pangasinan.
The bulk of this project’s generating capacity is earmarked for contracting through the government’s Retail Electricity Supply program, which allows consumers to choose a supplier other than the distribution utility in their area. INQ