Aboitiz Renewables, Inc. (ARI), the renewable energy subsidiary of Aboitiz Power Corporation (AboitizPower), has entered into a joint venture agreement with Vena Energy, a Singapore-based company, to invest in the latter’s 102-Megawatt (MW) Wind Power Project in Rizal and Laguna.
“We are thrilled to partner with Vena Energy, given our shared ambition of growing the Philippine renewable energy generation portfolio in the coming years,” said ARI President and Chief Operating Officer James Arnold Villaroman.
The wind power project is expected to achieve a financial close in 2024, with commercial operations set to commence in 2025.
“Through ARI, AboitizPower is taking decisive steps towards our long-term objective of growing our renewable energy capacity and striking a 50:50 balance between our renewable and thermal portfolios by 2030,” added Villaroman.
AboitizPower President and Chief Executive Officer Emmanuel Rubio said that this partnership highlights the partnership’s goal to be a major contributor to the clean energy transition that will aid the economic progress of the country.
“We are excited to have AboitizPower as a strategic partner as Vena Energy continues to develop, construct, operate, and grow its renewable energy portfolio in the country. We are confident that by combining our experience and on-the-ground capabilities, this project will make a significant impact in accelerating the energy transition in the Philippines,” said Samrinder Nehria, Vena Energy’s Head of Business, Philippines section, Samrinder Nehria.
