AboitizPower enters into a JV with Philippines’ Vena Energy to build 109-MW wind power farm

The renewable energy firm Aboitiz Renewables, part of AboitizPower, has entered a partnership with The Philippines’ Vena Energy to invest in a 102-MW wind power project, the company announced on August 16.

“We are thrilled to partner with Vena Energy, given our shared ambition of growing the Philippine renewable energy generation portfolio in the coming years,” James Arnold D. Villaroman, ARI president and chief executive officer, said in a press release.

The wind power project is anticipated to achieve financial close by 2024 and commence operations by 2025, as outlined by AboitizPower.

Emmanuel V. Rubio, AboitizPower's president and CEO, noted that the joint venture agreement with Singapore-based Vena Energy will expedite the growth of their wind energy assets, aligning with the company's goal to contribute significantly to a well-managed energy transition for the country's economic advancement.

Rubio reiterated their commitment to addressing the Philippines' energy system requirements, expressing confidence in successfully delivering the project to fulfil the nation's renewable energy needs.

Through ARI AboitizPower is taking concrete strides towards achieving its long-term objective of expanding renewable energy capacity and achieving a 50:50 balance between renewable and thermal portfolios by 2030, according to Villaroman.

Vena Energy is recognised as a renewable energy enterprise engaged in owning, developing, constructing, operating, managing and commercialising a diverse renewable energy portfolio.

Samrinder Nehria, head of Vena Energy Philippines, expressed confidence in the project's impact on accelerating the energy transition in the Philippines through a combined effort that leverages their experience and on-the-ground capabilities.

Vena Energy had previously outlined its plans to increase its renewable energy projects in the Philippines, targeting a collective capacity of 500 MW over the next three years. Currently, the company already operates around 330 MW of renewable energy projects in the Philippines.