Aboitiz-backed SNAP eyes more green projects
The joint venture between Aboitiz Power Corp. and Norwegian firm Scatec plans fresh investments in the renewable power sector as it targets competing in more green energy auctions (GEA).
Joseph Yu, president of SN Aboitiz Power (SNAP), said the group is “keeping an eye out for” power bidding that involves battery energy storage systems (BESS), solar and hydro.
Last year, the company won a 20-year power purchase agreement under the fourth round of the government’s GEA program. This involves SNAP’s 68-megawatt (MW) floating solar project.
Yu said SNAP is exploring expansion opportunities for BESS and solar facilities, especially with the Department of Energy’s mandate requiring developers to equip their solar and wind assets with storage systems.
“We’re prospecting and we have several prospects. We are trying to see what the best business model is for that. And how would we position ourselves, using the strengths of our two shareholders, to see if we could have a winning plan for that environment,” Yu told reporters.
Currently, SNAP is already scouting for potential areas for integrated solar with energy storage systems.
Two BESS projects are targeted for commercial operations this 2026. These would bring the firm’s total capacity to 729 MW by year-end.
Another 80-MW BESS project is eyed for activation next year.
Aside from BESS facilities, SNAP currently operates the 112.5-MW Ambuklao and 140-MW Binga hydroelectric power plants in Benguet; the 360-MW Magat hydroelectric power plant on the border of Isabela and Ifugao; and the 8.5-MW Maris hydro.
Expanding to the Visayas and Mindanao regions, however, remains off the table. SNAP sees that “there’s a lot of growth that we can tap in Luzon,” Yu said.
Meanwhile, the executive was also asked about his outlook on the spot market prices. These are projected to surge by up to P4 per kilowatt-hour next month due to the Middle East war.
