Vena Energy, a Singapore-based renewable energy company is gearing up on expanding its operations as it plans to add 300 megawatts (MW) up to 500 MW over the next two to three years.
Samrinder Nehria, director of Vena Energy Philippines, claims that Vena Energy will manage five solar power facilities and a wind farm in the Philippines in collaboration with other businesses, resulting in a total capacity of 330 MW.
In a report by the Philippine Star, Nehria said that Vena Energy noticed a demand for renewable energy in the Philippine market and that they, along with their industry partners, are seeking for additional projects and opportunities that renewable energy presents.
Nehria said that Vena Energy’s planned expansion would only be on renewable energy like solar, floating solar, and wind. The amount of investments would depend on the technology used, emphasizing that the company has the support of the banks and its partners.
Meanwhile, Nehria noted that Vena Energy is looking into the prospect of participating in the government’s green energy auction program. (GEAP).
In an auction notice, the Department of Energy (DOE) invited potential suppliers to take part in the second phase of the green energy auction. 11,600 MW of installed capacity is the aim offered in the auction. 3.600 MW for 2024, 3.600 MW for 2025, and 4.400 MW for 2026 are the target capacities.
