Aboitiz, IFC team up for renewable energy program

Aboitiz Power Corp. has partnered with global financial institution International Finance Corp. (IFC) to conduct an in-depth study to assess the viability of renewable energy (RE) as a source of baseload power in the country.

Among other things, AboitizPower said the study would evaluate hybrid solar photovoltaic and energy storage solutions, as well as the technical and economic viability of generating power from a combination of different renewable sources within the context of the country’s power needs, consumption and supply-demand patterns.

It will include the identification of a mix of technologies that may be potentially used to displace fossil fuel-based power sources and reduce carbon emissions in the country.

This is also in support of the government’s aim to increase to 35 percent the share of RE in the country’s overall generation mix by 2030 and further increase this to 50 percent by 2040.

“Our engagement with IFC is a significant step in mapping an effective climate action road map for the company. Based on the country’s natural resources, climate and geography, we look forward to learning more about how we can generate baseload power that is technically and financially feasible as well as scalable,” said AboitizPower president and CEO Emmanuel Rubio.

P190-B investment

Aboitiz, along with its partners, currently holds the largest RE generation installed capacity in the country, comprising solar, hydro and geothermal energy.

The group recently allocated P190 billion for its RE projects along with an additional capacity of 3,700 megawatts.

“Given its climate commitments, IFC is confident that renewables will offer a viable path forward for the Philippines,” said IFC regional vice president for Asia and the Pacific Alfonso Garcia Mora. “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.”