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In the midst of the Philippine energy transition, Aboitiz Power Corporation is significantly boosting its renewable energy (RE) portfolio with over a thousand megawatts (MW) of new capacity in development, revealed Aboitiz Renewables Inc. President, Jimmy Villaroman.
Speaking at the Philippine Electric Power Industry Forum 2024, Villaroman outlined the company’s strategic expansion plans, emphasizing the initial focus on developing solar and wind plants with up to 1,200 MW capacity. Currently, construction is underway for an additional 218 MW, with 176 MW of RE projects slated to come online by the first half of 2024.
In line with the Philippine government’s targets of achieving a 35% RE share by 2030 and 50% by 2040, AboitizPower aims to build 3,700 MW of new RE capacity by 2030, ultimately reaching 4,600 MW. This initiative encompasses various RE sources including solar, wind, geothermal, hydro, and battery energy storage systems.
Villaroman stressed the importance of a balanced approach, advocating for the simultaneous growth of RE while investing in traditional sources to ensure energy security. He highlighted the need for energy storage solutions to enhance stability in the power grid.
A significant move in this direction was AboitizPower’s recent investment agreement with Meralco PowerGen Corporation to acquire a 40% stake in Chromite Gas Holdings, marking its entry into the liquefied natural gas (LNG) space. This strategic move aligns with the Clean Energy Scenario of the Philippine Energy Plan, projecting LNG to constitute 26% of gross generation by 2040.
Villaroman emphasized the necessity of collaboration across sectors for a comprehensive energy transformation. He underscored the role of power generators, distribution companies, grid operators, and the public sector in driving this transition forward.
Acknowledging the challenges ahead, Villaroman expressed AboitizPower’s commitment to responsible leadership in navigating the energy transition. He underscored the company’s dedication to diversifying operations, investing in sustainability initiatives, and fostering collaborations to ensure a smooth and sustainable transition to a cleaner energy future. |
