Vena Energy eyes P245-B expansion in PH
Singapore-based Vena Energy is keen on expanding its renewable energy footprint in the Philippines by adding another 2.6 gigawatts-peak (GWp) of capacity, backed by planned investments of as much as P245 billion, according to the Department of Trade and Industry (DTI).
According to the trade department, Vena Energy currently operates 0.9 GWp of renewable energy capacity in the Philippines, including solar facilities in Ilocos Norte and Negros Occidental.
Another 1.3 GWp is under construction, while a further 1.3 GWp is under contract, bringing its combined development portfolio to approximately 2.6 GWp.
These developments are expected to be bolstered by Vena Energy’s plan to invest P245 billion more in the Philippines, the DTI said.
It did not provide a breakdown of the amount.
President Marcos, in an earlier announcement, said Vena Energy plans to develop an additional 1.29 gigawatts of capacity, supported by a P52-billion equity infusion over the next two years.
These plans were presented to Mr. Marcos on Oct. 11 during his visit to Singapore, the DTI said.
Trade Secretary Ma. Cristina Roque said the expansion would help meet growing electricity demand from industries while strengthening the country’s clean energy supply.
“Reliable and competitive power infrastructure is vital for scaling industries and growing investments,” Roque said.
Finance Secretary Frederick Go said the projects would support efforts to improve energy security and lower electricity costs.
Currently, only about a quarter of the Philippines’ electricity supply are from renewable energy sources, which include solar power, wind power and geothermal energy.
The government targets raising that share to 50 percent by 2040.
Vena Energy has operated in the Philippines since 2014 and is participating in the Department of Energy’s Green Energy Auction Program.
Discussions with Mr. Marcos also covered the company’s broader renewable energy and battery storage pipeline, faster project development and measures to streamline grid integration.
