Aboitiz Power Corp., the energy platform of the Aboitiz Group, is expanding its clean energy portfolio with a focus on solar and wind projects.
These developments aim to increase the company's capacity by up to 1,200 megawatts (MW), with a projected capacity of 4,6000 MW by 2030.
Jimmy Villaroman, president of Aboitiz Renewables Inc., announced that 176 MW of renewable projects are set to be operational by the first half of 2024.
Construction is also underway for an additional 218 MW of renewable energy plants.
“The second phase of AboitizPower’s expansion will see an additional capacity of around 1,700 MW of solar and wind power,” Villaroman said.
AboitizPower has set its sights on achieving a renewable energy capacity of 4,600 MW by 2030.
This ambitious goal involves the development of 3,700 MW of new renewable energy capacity, encompassing solar, wind, geothermal, hydro, and battery energy storage systems.
This target aligns with the Philippine government's aim to increase the share of renewable energy plants in the country's power generation mix to 35 percent by 2030 and 50 percent by 2040, as projected by the Department of Energy (DOE), which anticipates a 6.6-percent annual growth in electricity demand until 2040.
AboitizPower emphasizes that ensuring adequate, stable, and affordable power is crucial for supporting existing and future investments, thereby aiding the government in achieving its economic growth targets of 6 to 7 percent for 2024, 6.5 to 7.5 percent for 2025, and 6.5 to 8 percent for 2026 to 2028.
Villaroman underscored the importance of a gradual and intelligent energy transition, emphasizing the need for well-planned and uniquely suited solutions tailored to address the country's specific challenges and opportunities.
A balanced approach, combining the expansion of nonconventional energy sources with investments in traditional sources, along with energy storage solutions for stability, is deemed the most sensible strategy by AboitizPower.
In a recent move, AboitizPower ventured into the liquefied natural gas (LNG) sector with the acquisition of a 40 percent stake in Chromite Gas Holdings through its subsidiary, Therma NatGas Power Inc. (TNGP).
Additionally, Meralco PowerGen Corp., a subsidiary of Manila Electric Co., and TNGP are set to invest in the 1,278-MW Ilijan gas-fired power plant of San Miguel Global Power Holdings Corp. (SMGP) and an upcoming 1,320-MW combined cycle power facility.
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