Vena Energy of Singapore plans to put up 300 megawatts to 500 MW of renewable energy projects in the Philippines annually for the next two to three years, a top executive said.
“We want to do 300 to 500 MW of projects every year for the next couple of years. We do believe that given the number of projects which Philippines needs especially from RE, what is actually available and can be executed, there’s a gap there and together with partners like MGreen [MGen Renewable Energy, Inc.] we can go on and execute that,” Vena Energy Philippines head Samrinder Nehria said.
“It is all about how much demand is there in the market. At least for the next two or three years, 300 to 500 MW,” Nehria said during the inauguration of the 68-megawatt Garcia 2 solar project under Nuevo Solar Energy Corp., a joint venture of Vena Energy and MGreen.
He said the target projects would include ground-mounted and floating solar and wind power projects.
Nehria did not give a projected investment cost for the expansion program. Industry estimates show that solar and wind projects cost about $1 million to $1.5 million to develop a capacity of 1 MW.
“It [investment cost] would depend on the technology type, but we have support of the banks and partners,” Nehria said.
Vena Energy has about 280 MW of attributable RE capacity in the Philippines that include a wind project and five solar power plants.
Nehria also said they were studying participating in the Department of Energy’s planned Green Energy Auction Program 2, where the government plans to auction 11,610 MW covering the 2024 to 2026 supply period.
Vena Energy is a leading RE company in the Asia-Pacific region that owns, develops, constructs, operates, manages and commercializes a portfolio exceeding 40 gigawatts of solar, onshore wind, offshore wind, energy storage and hybrid RE projects.
It has a fully-integrated business model and an extensive local presence with over 800 employees throughout the region.
