The measurement of Aboitiz Power Corp. (AboitizPower
Vivant Corp., together with a Singapore-based energy company, is partnering with the local government of San Isidro, Northern Samar to build a 206-megawatt (MW) wind power project.
On Wednesday, both publicly-traded companies announced to the stock exchange that Aboitiz Renewables, Inc. (ARI), Vivant Energy Corp., and Vena Energy had come to an agreement the day before to establish a joint venture called Lihangin Wind Energy Corp. The purpose of this venture is to develop, build, and run a wind power facility.
The RE project aims to achieve financial closing by the end of 2023, begin construction in November of this year, and become operational in the first quarter of 2025.
“We are excited to collaborate with two top players in the renewable energy industry who also share our goal of achieving energy security and supporting sustainable development in the country,” expressed Emil Andre M. Garcia, President and Chief Operating Officer of Vivant Energy.
has enabled us to work together towards a sustainable future.”
“We are honored to have earned the confidence of Vena Energy, a prominent player in the renewable energy industry in the Asia Pacific region. We are pleased that our longstanding collaboration with [AboitizPower] has allowed us to join forces in building a sustainable future.”
He stated that there has been an increase in strength and growth in the RE area.
According to Mr. Garcia, the collaboration moves the company towards its objective of increasing its renewable energy portfolio to 30% by 2030.
Vena Energy has a collection of 45 gigawatts of renewable energy projects including wind, solar, and energy storage for both stationary and transportable use.
When inquired about the overall expenses for the project, AboitizPower stated that the exact figure is currently being calculated by the involved parties.
The president and CEO of AboitizPower, Emmanuel V. Rubio, stated that the project will add to the company’s wind energy collection and support its transition to clean energy. Additionally, it will assist in meeting the power demands of the country.
“This effort showcases ARI’s development in increasing its renewable energy capability to 4,600 MW, and marks another significant milestone in fulfilling our 10-year plan of attaining a 50:50 equilibrium in our renewable and thermal portfolios,” stated James Arnold D. Villaroman, President and Chief Operating Officer of ARI.
On Wednesday, shares in AboitizPower rose 4.55% of P1.50 to finish at P34.50 each while those of Vivant Corp. dipped by 0.13% or two centavos to close at P15.48 apiece. — Sheldeen Joy Talavera