ABOITIZ POWER Corp.’s (AboitizPower) subsidiary has signed an engineering, procurement and construction (EPC) contract with Ormat Technologies, Inc. and Desco, Inc. for the development of its 17-megawatt (MW) binary geothermal plant in Tiwi, Albay.
AboitizPower’s subsidiary, AP Renewables, Inc. (APRI), said in a statement on Monday that the development of the project will start by the first quarter of next year and will be completed by yearend.
The project will be built with a new binary plant system, pipes, and transmission lines.
“Every step count in our bid to grow our renewable energy (RE) portfolio. We are determined to reach our targets, and this project proves that we are ready to pursue every reasonable opportunity,” Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said in the statement.
In April, AboitizPower signed an agreement with its steam provider for the supply of brine, which will fuel the binary plant.
Jeffrey Estrella, president and chief operating officer of APRI, said its partnership with Ormat Technologies and Desco will reaffirm the company’s commitment to boost Cleanergy to the grid, the company’s renewable brand in the Philippines.
“We are glad to move this project forward with partners we already know and trust. This collaboration will reinforce our commitment to providing much-needed Cleanergy to the grid,” Mr. Estrella said.
AboitizPower is targeting to spend P190 billion in the next 10 years to expand its portfolio, which will include an additional of 3,700 MW of renewables. The company currently has 1,000 MW of RE projects.
On Monday, shares in the company closed 0.45% higher to end at P33.70 apiece. — A.E.O. Jose
