AboitizPower eyes spending P190 billion on renewables

Aboitiz Power Corporation (AboitizPower) is targeting to spend P190 billion over the next decade to increase its clean energy portfolio to 3,700 megawatts (MW).

AboitizPower said this commitment would balance its renewable and thermal capacities by 2030.

In a disclosure to the local bourse, AboitizPower said 2,364 MW of new renewable energy (RE) projects have been identified as of July.

The projects are in varying stages of development and primarily located in Luzon.

The RE pipeline is 60% solar, 32% wind, and 9% hydro. Specific details regarding size and cost are still being finalized.

"We are committed to seeing through our 10-year strategy and this is only the beginning. There will be more beyond this pipeline in order for us to reach our target," said AboitizPower president and chief executive officer Emmanuel Rubio.

Rubio added that the energy firm is hoping to help the government achieve its RE targets.

The Department of Energy has set a 35% RE target share in the national energy mix by 2030.

Recently, AboitizPower also announced it will start building a 74-MW solar power facility in Cayanga in Pangasinan. The Cayanga solar project is the company's second solar power venture after its facility in San Carlos City, Negros Occidental. – Rappler.com

Aika Rey

Aika Rey is a business reporter for Rappler. She covered the Senate of the Philippines before fully diving into numbers and companies. Got tips? Find her on Twitter at @reyaika or shoot her an email at aika.rey@rappler.com.

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