Aboitiz Power Corp., the listed energy business of the Aboitiz Group, recently entered into a nonbinding accord with foreign companies Kawasaki Heavy Industries Ltd., IKS Co. Ltd. (IKS) and Amber Kinetics to jointly explore the development of renewable energy projects.
In a disclosure on Monday, AboitizPower said that under the memorandum of understanding (MOU), the parties will take advantage of their respective new-generation technologies and expertise to optimize renewable energy development in the Philippines while contributing to energy cost savings and grid stability.
“Our partnerships represent a powerful alliance that will drive technological innovation and harness the power of renewable energy to create a brighter future for generations to come,” said AboitizPower chair Sabin Aboitiz.
According to holding company of the power-related investments of the Aboitiz Group, their partnership will develop solutions to address the grid stability issues caused by the greater prominence of renewable energy in the energy mix.
AboitizPower did not divulge additional details about the MOU but said the partnership could lead to further exploration and expansion beyond the Philippines to the Association of Southeast Asian Nations, Japan and Australia.
Tatsuya Watanabe, Kawasaki Heavy Industries senior managing executive officer and president of Energy Solution and Marine Engineering, said their collaboration would help the Philippines use more renewable energy. INQ