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 102-megawatt wind power project in Rizal and Laguna.
The wind power project is expected to reach financial close and commercial operations in 2024 and 2025, respectively.
Aboitiz Power president and chief executive Emmanuel Rubio said in a disclosure to the Philippine Stock Exchange the joint venture would build on the company’s foothold in wind energy.
“This underscores our aspiration to be a significant contributor to a well-managed and just energy transition that will fuel the economic progress of the country. We continue to serve the critical needs of the Philippine energy system. We are confident we are able to deliver this project for our country’s renewable energy requirements,” he said.
Aboitiz Power’s partner 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.
