SN Aboitiz Power eyes solar projects for portfolio diversification – BusinessWorld Online
SN ABOITIZ POWER GROUP (SNAP), a joint venture between Aboitiz Power Corp. and Norwegian firm Scatec, is seeking to diversify its portfolio by pursuing solar power projects.
“We’re very eager to build out our next leg. We envisioned not being just a hydro player. So, batteries are now taking shape,” SNAP President Joseph S. Yu told reporters last week.
“We still have hydro projects in the works, but the third leg is solar plants, and we intend to be in all to help the industry along.”
Mr. Yu said there are already solar power projects in the company’s pipeline but declined to provide details.
The company is accelerating the investment decision process for up to 200 megawatts (MW) of energy storage systems.
“We need them as soon as possible. The grid needs it. So, we’re trying to help the NGCP (National Grid Corp. of the Philippines) in the mission to stabilize the grid,” Mr. Yu said.
SNAP is a renewable energy developer that owns and operates the 112.5-MW Ambuklao and 140-MW Binga hydroelectric power plants in Benguet, and the Magat hydroelectric power plant with a capacity of up to 388 MW located on the border of Isabela and Ifugao.
It also operates the 8.5-MW Maris hydro and the 24-MW Magat battery energy storage system (BESS) in Isabela.
Currently, SNAP is constructing its 40-MW Binga BESS in Benguet and the 16-MW Magat BESS Phase 2.
The company is targeting a total battery energy storage capacity of 80 MW by 2026. — Sheldeen Joy Talavera