Vivant Energy Corp. is eyeing to increase its energy capacity to 1,000 MW by 2030 with the first half targeted to be achieved by 2023.
The current total capacity of the energy firm is 282 MW with a plan to hike this up to 500 MW by 2023.
“The fact that they said 500 MW, it means they’re willing to support the investment of at least that amount. The other target we’re looking at is 1,000 MW by 2030. We revisit these targets every couple of years,” Vivant Energy Chief Operating Officer Emil Andre Garcia was quoted in a BusinessMirror report.
Around 20 percent of the said 500 MW would be coming from renewable energy, according to Garcia. Overall share of renewable energy will at 30 percent once the 1,000 MW capacity is reached.
“In our planning session, we would like to have at least an additional, hit 500 MW by 2023…. We’re quite heavy on coal, bunker. So, we want to make that conscious shift to RE-centric projects. We know there’s still a place for conventional [sources] but we want to have the proper mix,” Garcia said.
“We’re looking at several RE projects right now. We want to focus on solar and wind. We have some hydro being developed in our portfolio, but we want to focus on solar and wind. We’re looking at areas for solar—areas where we can get competitive rates. We’ll try to work with cooperatives, utilities, even contestable,” he added.
A coal plant with a capacity of 670 MW will rise in La Union as a new development of the firm together with Global Business Power Corp. A wind project is also in the pipeline with a different partner.
“We hope to break ground on this wind project by first half of next year. We’re doing the proper sizing right now, so it’s around 80 MW to 100 MW, but it looks like it’s close to 80 MW to 85 MW,” added Garcia.