Philippines-based Aboitiz Renewables Inc., a subsidiary of Aboitiz Power Corp., has signed a joint venture agreement with Singapore-based Vena Energy to invest in the 102 MW wind power project in Rizal and Laguna.
The wind power project is expected to reach financial close and commercial operations in 2024 and 2025, respectively,the firm said.
Aboitiz Power President and CEO (Chief Executive ) Emmanuel Rubio said in a filing to the Philippine Stock Exchange the joint venture would build on the company’s foothold in wind energy.
“This underscores our aspiration to be a significant contributor to a well-managed and just energy transition that will fuel the economic progress of the country. We continue to serve the critical needs of the Philippine energy system. We are confident we are able to deliver this project for our country’s renewable energy requirements,” he said.
Aboitiz Power’s partner Vena Energy is a leading renewable energy company in the Asia-Pacific region that owns, develops, constructs, operates, manages, and commercializes a portfolio exceeding 40 gigawatts of solar, onshore wind, offshore wind, energy storage and hybrid renewable energy projects.
Earlier, Vena Energy entered into an agreement with Suntech, Powin and Rept Battery to accelerate renewable energy in Indonesia.