Aboitiz energy startup gears up for expansion
A startup backed by Aboitiz Power Corp. is bullish about expanding its footprint outside the National Capital Region as new government rules eased the solar rooftop installation process, further triggering growth demand.
Solviva Energy, a residential solar firm, seeks to also build its presence in Cebu and Davao as the market continues to see strong traction for such a technology amid elevated electricity prices.
“Over the last couple of years, we’ve been in a testing phase. Now the goal is to expand in the smartest way that we can,” Solviva Energy CEO Coby Cobankiat said in a statement on Tuesday.
“We intend to be available in more cities and offer more products for more households,” the CEO said.
Cobankiat said the sector particularly saw significant growth this year amid the war in the Middle East, which has been sending global oil prices surging, affecting local power rates.
For months, Filipinos have been airing their frustration over high electricity prices. In the spot market alone, power prices hit an all-time high in August following the outages at major coal plants. This prompted the market to rely on more expensive facilities, such as diesel.
“That has been the tipping point for us. Instead of us trying to force demand for rooftop solar, they’re coming to us,” Cobankiat said.
The shift to solar installations realized an even greater demand after the Department of Energy imposed new rules for more seamless solar energy system installations in residential homes and small businesses.
From March to August, the company said inquiries about Solviva’s residential solar packages soared by 272 percent from a year ago.
“In general, the current environment is geared towards setting the type of policies that can accelerate adoption even further,” he said.
The executive said Solviva’s solar panels can last about 25 years.
Solviva is under 1882 Energy Ventures, the startup and innovation arm of AboitizPower.
