Aboitiz Power Corp. subsidiary Aboitiz Power Distributed Renewables Inc. (APX) has partnered with Upgrade Energy Philippines Inc. (UGEP) to pursue rooftop solar projects in the Philippines.
In a statement, the parties said the 50-50 venture aims to unlock the potential for growth in the renewable energy space by developing so-called distributed solar systems catering to the commercial and industrial business markets.
The joint venture aims to develop solar energy generating facilities tailored to meet the specific needs of prospective and current commercial and industrial businesses under the AboitizPower Retail group’s portfolio.
The parties did not detail the target capacity of the enterprise.
“Partnering with APX allows us to fulfill our goal of promoting widespread adoption of renewable energy in the Philippines. The joint venture enables us to further demonstrate the viability and benefits of solar energy by providing customized solutions that drive business efficiency and environmental stewardship,” Ruth Yu-Owen, UGEP president and chief executive officer, said.
UGEP is involved in solar and other renewable energy project development as well as on engineering, procurement and construction.
“Through our joint venture with UGEP, we aim to leverage their capabilities to deliver on those needs, beyond the sale of retail electricity, encompassing development, construction and long-term operations and maintenance aspects of solar projects,” James Byron Yu, Aboitiz Power first vice president and head of retail, said.
Aboitiz Power eyes spending P190 billion over the next decade for an additional 3,700 megawatts (MW) of renewable energy and grow its energy portfolio to 4,600 MW by 2030 or three times the company’s current renewables portfolio.
