ABOITIZ Power Corp. is looking at spending P190 billion to build 3,700 megawatts (MW) of new renewable projects (RE) in the next decade, the listed holdings firm said on Tuesday.

The investment will scale up the company’s “Cleanergy” portfolio, which is expected to make up a bigger share or 50% of its power generation portfolio by 2030.

Cleanergy is the firm’s brand of clean and renewable power.

By the end of 2020, its Cleanergy brand had a share of 21%, while its thermal capacity accounted for 79% of its portfolio. The company hopes to reach a 50-50 Cleanergy and thermal capacity mix by 2030.

AboitizPower hopes to reach a total attributable net sellable capacity target of 9,200 MW in the next 10 years, half of which or 4,600 MW will come from various RE sources.

“[The firm] needs to build around 3,700 MW of additional RE capacity to meet its 4,600-MW goal,” it told the local bourse in a regulatory filing.

At present, solar accounts for majority or 60% of the company’s pipeline projects which are all still in the development stage.

“We are committed to seeing through our 10-year strategy and this is only the beginning. There will be more beyond this pipeline in order for us to reach our target,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said.

He explained that the company wants to help the government achieve its target of ramping up the share of renewables in the energy mix to 35% in 10 years’ time.

On Tuesday, the Aboitiz-led firm said it was optimistic that it could reach its 2030 goal “without building any new coal-fired power plants.”

“As the largest owner and operator of RE in the Philippines in terms of installed capacity together with its partners, AboitizPower continues to invest in other renewable energy projects across the country,” it said.

“The company also aims to pursue its international aspirations with a focus on RE in high-growth geographic markets,” it added.

AboitizPower is the holding firm for the Aboitiz group’s investments in power generation, distribution, and retail electricity services.

Previously, it was recognized for the fourth time in a row as a constituent company by FTSE4Good Index series, a global index that identifies companies which show “strong” environmental, social and governance (ESG) practices.

The listed firm said its consolidated net income increased by 136% to P4 billion in the second quarter on the back of commissioning revenues from unit 1 of its new facility GNPower Dinginin located in Marveles, Bataan.

AboitizPower shares at the local bourse were unchanged at P23 apiece on Tuesday. — Angelica Y. Yang