Aboitiz Power ramps up expansion into RE
Aboitiz Power Corp., the listed energy platform of the Aboitiz Group, is expanding its clean energy portfolio by developing various power projects, mostly solar and wind, with a combined capacity of up to 1,200 megawatts (MW).
Aboitiz Renewables Inc. president Jimmy Villaroman said 176 MW of renewable projects would be switched on by the first half of this year while construction is ongoing for an additional 218 MW of RE 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 unveiled its goal to have 4,600 MW of renewable capacity by 2030. It entails developing 3,700 MW of new RE capacity, covering solar, wind, geothermal, hydro and battery energy storage systems.
It said the target was in line with the government’s goal for renewable energy (RE) plants to account for a bigger share of the country’s power generation mix–35 percent by 2030 and 50 percent by 2040.
The Department of Energy (DOE) had projected a 6.6-percent annual growth in electricity demand until 2040.
AboitizPower said having adequate, stable and affordable power would support existing and future investments, helping the government realize 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 also said energy transition in the Philippines, as in the rest of Asia and the Pacific, “must be gradual and intelligent” as well as “well-planned” and “uniquely suited.”
“The solutions we devise must be tailor-fit to address our problems and opportunities. It cannot happen overnight and might take years, if not decades, to realize. But we believe it is possible,” Villaroman said.
A balanced approach of expanding nonconventional sources of energy and investing in traditional sources, according to the executive, makes the most sense while complementing it with energy storage for stability.
“While the Philippines strives toward a sustainable future powered by more RE sources, its near- to mid-term energy security calls for leveraging existing, conventional baseload plants,” he added.
Recently, AboitizPower marked its foray into the liquefied natural gas space after it acquired a 40 percent stake in Chromite Gas Holdings through its unit Therma NatGas Power Inc. (TNGP).
Meralco PowerGen Corp. , a subsidiary of power distributor Manila Electric Co. and TNGP, would invest in the 1,278-MW Ilijan gas-fired power plant of San Miguel Global Power Holdings Corp. (SMGP) and the upcoming 1,320-MW combined cycle power facility. INQ
