Aboitiz Power Corporation, the country’s largest power generator, said it plans to begin constructing a 50-megawatt (MW) solar farm in Luzon by the second half of the year.
The company did not state where the project would be specifically, but it is one of the projects lined up in a bid to increase generating capacity from renewable energy (RE) to half of its portfolio by 2030.
Other than the solar project, AboitizPower recently completed the commissioning of two wind met masts in Pangasinan. It also has already secured 815MW of RE service contracts in various phases of development.
“In the next [ten] years, we will further grow our Cleanergy portfolio, both domestically and internationally, in an effort to help build the country’s renewable energy market and contribute to the global [RE] goals. Last year was a year of plans, but this time around, we’re going to put those plans into action,” AboitizPower President and CEO Emmanuel Rubio said in a statement.
Part of the firm’s strategy to reach their goal is to invest in more RE projects locally and internationally, while selectively building baseload power plants including natural gas-powered plants to support the country’s energy needs.
“This transition is not easy, but is definitely achievable. It is possible with the private sector and the government working together to ensure that the country’s renewable energy supply is more sustainable,” Rubio continued.
AboitizPower’s current RE portfolio includes the Ambuklao, Binga, and Magat hydroelectric power plants in Northern Luzon. Installations of its battery energy storage system facilities in Mindanao and Northern Luzon have also begun.
The company registered a net income of Php12.6 billion in 2020, 27% lower than the Php17.3 billion recorded in 2019, due to additional tax expenses and low energy sales caused by the COVID-19 pandemic.