ABOITIZ Power Corp. on Wednesday said it had partnered with International Finance Corp. (IFC) to study the potential of renewable energy (RE) to generate baseload power for a “more reasonably priced” electricity.
“We eagerly look forward to learning about how we can generate baseload power that is technically and financially feasible and also scalable,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said in a statement.
Aside from exploring the potential of RE for baseload power, the study will also evaluate hybrid photovoltaic and energy storage technology, and assess the technical and economic viability of combining different RE sources to generate power.
Mr. Rubio said AboitizPower expects the study to be “bespoke” based on the country’s national resources, climate, and geography so it will fit the energy system.
Meanwhile, IFC Regional Vice-President for Asia and the Pacific Alfonso Garcia Mora said the company is “confident that renewables will offer a viable path” for the country.
“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,” Mr. Garcia Mora added.
IFC, a member of the World Bank group, invests in the private sector specifically in projects that can boost sustainable economic growth such as renewable energy.
The Aboitiz group’s power generation, distribution, and retail electricity services company earmarked P190 billion for investment in clean energy. It aims to add 3,600 megawatt (MW) of capacity to reach its 2030 RE target of 4,600 MW, or more than half of its projected 9,200-MW total generation capacity.
“To grow RE above and beyond the 2030 ambition and to begin reducing carbon dioxide emissions from the Philippine power system, we must find ways to displace fossil fuel burning baseload power with zero-emissions power generation technologies,” Mr. Rubio said.
At the stock exchange, shares in AboitizPower went up by 75 centavos or 2.15% to close at P35.70 apiece on Wednesday. — Marielle C. Lucenio