Aboitiz gets grant from Washington

BY LENIE LECTURA – AUGUST 8, 2022
from Business Mirror

Aboitiz Power Corp. has secured a grant from the United States Trade and Development Agency (USTDA) for the conduct of a feasibility study for potential offshore wind projects in the Philippines.

According to Aboitiz First Vice President for Renewable Energy Philippine Development Lee Hazel Balangue, the grant is worth $800,000.

“The study is about a year and a half. During the study, we hope to identify specific locations where we can start developing. Hopefully, we can identify at least six offshore wind projects,” Balangue said after the signing of the grant last Saturday.

The grant was signed by AboitizPower Vice President for Commercial Strategy, Sales and Engagement David Mikel Aboitiz and USTDA Director Enoh Ebong.

AboitizPower earlier disclosed plans to build 3,900 MW of renewable energy (RE) projects in the next 10 years, to grow its portfolio to 9,200 MW, and to achieve a 50:50 renewables and thermal capacity mix.

“We are hoping to add at least 500MW to 1,000MW would come out of this,” she added, when asked how the planned offshore wind prospects will affect the power firm’s targets.

For now, it has about 721 MW of RE projects under priority development, which is part of its RE growth strategy over the next decade.

“Solar is very important to us, but you also need a lot of land to do solar. If we’re able to do offshore wind then we don’t need to use existing land,” she added.

AboitizPower envisions a 50:50 balance between its renewable and thermal portfolios by 2030, further growing its Cleanergy capacity along the way in an effort to help build the country’s RE market and contribute to the global RE goals.

The company has earmarked P28 billion for capital expenditures (capex) this year to complete its coal-fired power plant in Bataan, expand its renewables portfolio, and upgrade its power facilities to ensure adequate power supply this year. Last year, its capex stood at P23 billion.