Aboitiz Power Corp. said Tuesday it plans to spend P190 billion over the next 10 years to expand power projects by another 3,700 megawatts that will result in a 50:50 balance between renewable and thermal capacities by 2030.
“We are committed to seeing through our 10-year strategy and this is only the beginning. There will be more beyond this pipeline in order for us to reach our target,” Aboitiz Power president and chief executive Emmanuel Rubio said in a statement.
The company plans to expand its total attributable net sellable capacity to 9,200 MW in the next 10 years, half of which or 4,600 MW will come from various renewable energy sources.
Aboitiz Power needs to build around 3,700 MW of additional RE capacity to meet its 4,600-MW goal. As of July, the company identified 2,364 MW of new RE projects, all in varying stages of development and located primarily in Luzon.
The company’s pipeline RE projects are 60 percent solar, 32 percent wind and 9 percent hydro.
“We look forward to making further announcements in the coming months as we progress with these projects,” Rubio said.
As the company identifies more RE projects in the next 10 years, Aboitiz Power is optimistic that it can hit its 2030 goal without building any new coal-fired power plant facilities.
Rubio said they also wanted to help the government achieve its aspiration of increasing the share of RE in the national energy mix.
The Department of Energy aspires for a total share of 35 percent for RE in the national energy mix by 2030 and is banking on mechanisms such as the Renewable Portfolio Standards and Green Energy Option Program to reach its goal.
Aboitiz Power plans to tap into its existing and pipeline RE projects to participate in these government-led initiatives.
The company announced that it would start building this year a 74-MW solar power facility in Cayanga in the town of Bugallon, Pangasinan.
The majority of the facility’s capacity will be contracted for retail electricity supply, which can help bring more sustainable energy to power consumers across the country.
Aboitiz Power is the holding company for the Aboitiz Group’s investments in power generation, distribution and retail electricity services.