AboitizPower to build Rizal, Laguna wind farms
MANILA -A unit of Aboitiz Power Corp. (AboitizPower) has partnered with a Singapore-based energy company to develop a 102-megawatt (MW) wind project in the provinces of Rizal and Laguna.
In a stock exchange disclosure on Thursday, the company said Aboitiz Renewables Inc. (ARI) had signed a joint venture agreement with Vena Energy for the project that is expected to start commercial operations by 2025.
ARI expects to reach financial close for the project by 2024.
“We are thrilled to partner with Vena energy, given our shared ambition of growing the Philippine renewable energy generation portfolio in the coming years,” said James Arnold Villaroman, ARI president and chief operating officer.
AboitizPower did not divulge the total investment needed for the project.
Vena Energy, an independent power producer based in Singapore, earlier announced plans to expand its clean energy capacity in the Philippines by 300 megawatts (MW) to 500 MW annually for the next three to five years.
Article continues after this advertisementThe company currently has at least 248 MW of capacity in its Philippine market from solar and wind assets.
Article continues after this advertisementVena has previously partnered with power distributor Manila Electric Co.’s renewable energy arm, MGen Renewable Energy Inc., for the development of a 68-MW solar power project in Ilocos Norte province.
“We are excited to have AboitizPower as a strategic partner as Vena Energy continues to develop, construct, operate and grow its renewable energy portfolio in the country,” said Samrinder Nehria, Vena Energy Philippines head of business.
AboitizPower currently has 1,000 MW in renewable energy capacity and plans to grow this to 4,600 MW by 2030.
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