Aboitiz Renewables Inc., a subsidiary of Aboitiz Power Corp., said Thursday it signed a joint venture agreement with Singapore-based Vena Energy to invest in the latter’s greenfield 102-megawatt wind power project in Rizal and Laguna provinces.
Aboitiz Power said in a disclosure to the stock exchange the wind power project was expected to reach financial close and commercial operations by 2024 and 2025, respectively.
“We are thrilled to partner with Vena Energy, given our shared ambition of growing the Philippine renewable energy generation portfolio in the coming years. 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,” said ARI president and chief operating officer James Arnold Villaroman.