THE units of Aboitiz Power Corp. (AboitizPower) and Vivant Corp. along with a Singapore-based energy firm are set to develop a 206-megawatt (MW) wind power project in San Isidro, Northern Samar.
In separate disclosures to the stock exchange on Wednesday, the two listed companies said Aboitiz Renewables, Inc. (ARI), Vivant Energy Corp., and Vena Energy had agreed on Tuesday to create a joint venture called Lihangin Wind Energy Corp. to develop, construct, and operate a wind power plant.
The renewable energy (RE) project is expected to reach financial closing before the fourth quarter of 2023, start construction in November this year, and be ready for commercial operations in the first quarter of 2025.
“We welcome this opportunity to partner with two leaders in renewable energy development which share our vision of helping the country attain energy security while promoting renewable energy and contributing to countrywide development,” Vivant Energy President and Chief Operating Officer Emil Andre M. Garcia said.
“We are privileged to have gained the trust of Vena Energy, a leader in RE in the Asia Pacific region. We’re glad that our long-time partnership with [AboitizPower] has become stronger and has expanded to the RE space,” he added.
Mr. Garcia said the partnership brings the company closer to its goal of expanding its RE portfolio to 30% by 2030.
Vena Energy’s renewable energy portfolio consists of onshore and offshore wind, solar, and stationary and transportable energy storage projects totaling 45 gigawatts.
Asked about the total project cost, AboitizPower said the amount is still being determined by the parties.
Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said that the project will contribute to the company’s wind energy portfolio and energy transition, as well as help address the country’s power supply needs.
“This undertaking demonstrates ARI’s progress in growing its renewable energy capacity to 4,600 MW, and is another momentous step in realizing our 10-year strategy of achieving a 50:50 balance in our renewable and thermal portfolios,” ARI President and Chief Operating Officer James Arnold D. Villaroman said.
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