Aboitiz, Yuchengco units seal RE deal

BY LENIE LECTURA – FEBRUARY 3, 2023
from Business Mirror

SN Aboitiz Power Group (SNAP) said Thursday it will source a total of 47.5 megawatts (MW) of renewable energy (RE) from two Yuchengco-led RE producers to service the growing customers of SNAP’s Retail Electricity Supply arm Magat-RES.

SNAP said Thursday it entered into power supply partnerships with PetroGreen Energy Corp. (PGEC) and PetroSolar Corp. (PSC). Tapping PGEC and PSC is meant to support the growing needs of Magat-RES existing and potential customers. Under the off-take arrangement, SNAP secured 27.5 MWdc with PGEC and 20 MWdc with PSC.

“Partnerships and synergies are always in the market, but it is particularly exceptional when we do it with companies who share similar values, traits, and beliefs,” said SNAP Group President and CEO Joseph Yu.

PGEC and PSC own and operate geothermal, wind, and solar generation facilities across the Philippines.

Aside from Yu, SNAP-RES CEO Senen Fenomeno, PSC and PGEC President Milagros Reyes, PSC and PGEC VP & COO Francisco Delfin Jr. were present during the signing ceremony.

“This partnership between SNAP and our companies is a fulfillment of our shared commitment of supporting energy security for the country through renewable energy,” said Reyes. “It’s easy working with SNAP because we both have a clear understanding of our respective aspirations, and so we positively see areas for a winning partnership.”

SNAP is a joint venture of Scatec and Aboitiz Power Corp. Scatec is a leading renewable energy solutions provider based in Norway.

SNAP owns and operates the 112.5-MW Ambuklao and 140-MW Binga hydroelectric power plants in Benguet; the 388-MW Magat hydroelectric power plant on the border of Isabela and Ifugao; and the 8.5-MW Maris hydroelectric power plant in Isabela.