Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

AboitizPower, foreign partners explore 3,000-MW offshore wind

by
August 8, 2022
in Investing News
0
AboitizPower, foreign partners explore 3,000-MW offshore wind
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

ABOITIZ Power Corp. has partnered with two foreign entities, with the support of the United States Trade and Development Agency (USTDA), to explore the feasibility of developing up to 3,000 megawatts (MW) of offshore wind projects in the Philippines.

In a press release on Monday, Singapore-based Clime Capital Management Pte. Ltd. said the consortium with AboitizPower and Rocky Mountain Institute (RMI) is launching a feasibility study that aims to complement existing research on wind power.

It quoted AboitizPower President and Chief Executive Officer Emmanuel V. Rubio as saying: “It is our goal to contribute to our country’s energy transition journey by exploring more zero-emissions indigenous energy sources. This offshore wind feasibility study is a step in the right direction as we further diversify our extensive renewable energy portfolio to achieve our goal.”

AboitizPower will be the project lead in the pre-feasibility assessment and wind data collection phase to unlock the offshore wind market, marshal resources to prepare the supply chain in case offshore wind proceeds with the development stage, and capture necessary data.

The project, which is partially funded by the USTDA, will start on Aug. 11 and is expected to conclude by mid-2023.

“Unlocking the offshore wind sector requires significant early-stage development funding. We are delighted to support this and believe offshore wind could prove a significant source of green energy for the Philippines,” Clime Capital Managing Director and Chief Executive Officer Mason Wallick said in the press release.

The Clime Capital team is described as consisting of senior professionals with deep Southeast Asian market experience in clean energy investments and developments.

Citing data from the Department of Energy (DoE), Clime Capital said the Philippines has onshore wind installed capacity of 443 MW as of 2020.

It said there is “significant potential” to expand the generation of wind power, especially offshore where wind farms generate more power. It also cited a 2021 study by the World Bank and BVG Associates, in coordination with the DoE, that identified opportunities for wind power development in the Philippines.

In the Philippine Energy Plan, the DoE targets wind power generation capacity to hit 12,000 MW by 2040. A low-growth scenario places the potential of 3,000 MW by 2040 and 6,000 MW by 2050.

“In partnership with USTDA, RMI aims to unlock private sector investment in offshore wind and utility-scale clean energy power projects in the Philippines and the broader Southeast Asia region,” said Justin Locke, RMI global south program managing director.

Clime Capital quoted US Secretary of State Antony J. Blinken as saying: “The United States stands committed to working with the Philippines to achieve a clean energy future together. The signing of the USTDA grant on offshore wind is an important step in that direction.”

Separately, Aboitiz Equity Ventures, Inc. announced in a media release on Monday that Sabin M. Aboitiz, the group’s president and chief executive officer, accepted an invitation to become a steward of the Council for Inclusive Capitalism (CIC).

CIC is a global nonprofit organization that combines moral and market imperatives to help build a more inclusive, sustainable, and trusted economic system for the world.

Meredith Sumpter, chief executive officer of CIC, said he is thrilled to welcome Mr. Aboitiz to the council “and look forward to working with them as they take the necessary actions to ensure a better future for us all.”

Also on Monday, AboitizPower told the local bourse that Monalisa C. Dimalanta, its compliance officer, has resigned after her appointment as the chairperson of the Energy Regulatory Commission.

On the stock exchange, shares in AboitizPower rose by 1.29% or P0.40 to close at P31.40 apiece. — Ashley Erika O. Jose

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
ACEN targets 20-GW renewable energy capacity by 2030

ACEN targets 20-GW renewable energy capacity by 2030

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Credit card borrowing grows amid soaring inflation

Credit card borrowing grows amid soaring inflation

May 31, 2022

Philippines adds 5 cases of Omicron subvariant to 22

May 31, 2022
More than 80% of Japanese firms back nuclear restart, tourism resumption

More than 80% of Japanese firms back nuclear restart, tourism resumption

June 16, 2022
US advisers say no need for Disinformation Governance Board

US advisers say no need for Disinformation Governance Board

July 19, 2022
PLDT tapped for rollout of 220 public WiFi sites

PLDT tapped for rollout of 220 public WiFi sites

June 15, 2022
Credit card borrowing in fastest rise since 2005

Credit card borrowing in fastest rise since 2005

August 1, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.