Aboitiz Power Corporation aims to begin working on its renewable energy (RE) projects for this year with the groundbreaking of its 73-megawatt (MW) Cayanga-Bugallon solar power plant project in Pangasinan.
The project forms part of the company’s goal to build 3,900MW in renewable energy (RE) capacity or around 50% of its generating portfolio by 2030. The firm also had said that it has 1,600MW of solar, wind, and hydroelectric projects in the pipeline.
AboitizPower President and CEO Rubio indicated that the firm has around 854MW of renewable energy service contracts from the Department of Energy.
”For the RE projects that we have, a significant portion obviously will come from solar but in the end the main constraint with that will be land. And I think who has land will win,” Rubio said during parent firm Aboitiz Equity Ventures’ virtual press conference on Monday.
Taking off from this, Rubio noted that AboitizPower may consider putting up sizable floating solar capacities in their reservoirs. Subsidiary SN Aboitiz Power currently operates a floating solar facility in the Magat reservoir on the boundary of Isabela and Ifugao.
“We will continue to push renewable energy forward, backed by a strong sustainability strategy that cuts across all our units to ensure continuous operational improvement, drive business growth, and ultimately, create value for our stakeholders for the long term,” Rubio said in a disclosure to the Philippine Stock Exchange on Wednesday.
AboitizPower, the country’s largest power generator, tripled its net income to Php6.2 billion in the first quarter of 2021 from Php2.1 billion year-on-year.
