ABOITIZ POWER Corp. is developing a 74-megawatt (MW) solar power plant in Pangasinan province, it said on Thursday, marking its second project using the renewable energy (RE) technology.
In a statement, the listed company said the solar project had received board approval and is now in the development stage.
The solar farm will be built at Cayanga in the town of Bugallon, Pangasinan. It will be the company’s second solar power venture following the 59-MW peak solar facility in San Carlos, Negros Occidental.
“This will give contestable customers another option to go green, in line with AboitizPower’s commitment to being an effective partner for progress and driving change for the people today as well as for generations to come,” the company said.
AboitizPower President and Chief Executive Officer Emmanuel V. Rubio expects the project’s construction to start in the second half. It is targeted to start commercial operations by the fourth quarter of 2022.
“We are very excited about this because this is another step towards achieving our 10-year strategy with regard to significantly increasing our RE capacity and aiming for a 50:50 balance between our Cleanergy and thermal portfolios,” Mr. Rubio said in the statement.
“Majority of the solar facility’s capacity will be contracted for retail electricity supply, which we hope can help bring more sustainable energy to homes and businesses in the country,” he added.
Meanwhile, Pangasinan Governor Amado I. Espino III expressed his support for the company’s solar power venture in the province.
“Aboitiz has our full support. We are glad that they have chosen our province and the town of Bugallon as the site for this venture, which will definitely empower our mission of making Pangasinan number one,” Mr. Espino said.
In the first quarter of the year, AboitizPower posted a 197% increase in consolidated net income to P6.2 billion on the back of higher water inflows, improved availability of thermal facilities, and better spot sales.
On Thursday, shares of AboitizPower at the stock exchange fell 2.26% or 50 centavos to close at P21.60 apiece. — Revin Mikhael D. Ochave