AboitizPower, IFC to explore RE as cleaner alternatives baseload power for PH

MINERVA BC NEWMAN

CEBU CITY -- Aboitiz Power Corporation (AboitizPower) led by its president and chief executive officer Emmanuel Rubio and International Finance Corporation (IFC) headed by Regional Vice President for Asia and the Pacific Alfonso Garcia Mora inked an agreement for an in-depth joint study to assess and explore the viability of renewable energy (RE) as a source of baseload power for the Philippines.

 

In a virtual signing ceremony last March 11, both parties believed that this joint project is a step to look into cleaner alternatives to baseload power and to help the company navigate the country’s transition towards a cleaner energy future.

“I am pleased to join the representatives of IFC in signing this agreement that aims to take the first few very important steps in this journey of discovery. We eagerly look forward to learning about how we can generate baseload power that is technically and financially feasible and also scalable,” Rubio said.

According to AboitizPower, the study seeks to explore a mix of technologies that can potentially displace fossil fuel-based power sources and reduce CO2 emissions from the Philippine energy mix, in support to the country’s target of 35 percent share of renewable energy in its overall generation mix by 2030 and 50 percent by 2040.

Integral aspects of the study include evaluating hybrid-photovoltaic storage technology and assessing the technical and economic viability of generating power from a combination of different RE sources within the context of the Philippines’ baseload needs and energy supply and demand characteristics.

It is expected that this study bespoke to the Philippines based on its national resources, the climate and the geography to suit the energy system. AboitizPower is excited and optimistic about the project.

“It is a great journey of discovery, but more so, this holds great potential for the future generation of Filipinos, and of course, our planet Earth,” Rubio added.

Liza Luv Montelibano, Chief Financial Officer of AboitizPower bared that its partnership with IFC began in 2007 when the latter financed the rehabilitation of Aboitiz’s power plants.  This new engagement, however, marks another milestone in their renewable energy journey.

Alfonso Garcia Mora, IFC Regional Vice President for Asia and the Pacific said, IFC is confident that renewables will offer a viable path forward for the Philippines. 

“Harnessing cleaner and natural resources, including solar and wind, will enable the country to diversify its energy mix and improve energy security while also tackling climate change impacts,” he added.

AboitizPower with its partners, holds the largest RE generation installed capacity in the country, comprising solar, hydro, and geothermal energy.  Currently, P190 billion has been allocated for its RE projects and an additional capacity of 3,700 megawatts.

Rubio said, AboitizPower recognizes its integral part in the commitment towards net zero emissions in the country. Through its 50/50 by 2030 strategy, the company aims to achieve a balance between renewable and thermal portfolios in support of the global movement for clean energy. (Photos: Google Images)