By Ashley Erika O. Jose | BusinessWorld
April 11, 2023
SINGAPORE-based Vena Energy plans to launch more renewable energy projects in the Philippines with a combined capacity of 500 megawatts (MW) within the next three years, a company official said.
“We want to do 300 to 500 MW of projects every year for the next couple of years, and we do believe that given the number of projects which the Philippines need, especially from RE (renewable energy), together with partners, we can go on and execute that,” Samrinder Nehria, head of Vena Energy Philippines, told reporters on March 30.
“It is all about how much demand is there in the market. At least for the next two or three years, 300 to 500 MW,” he added.
He said that such projects will involve different types of renewable energy sources, including solar, wind, and floating solar.
To date, Vena Energy has around 330 MW of operating renewable energy projects in the Philippines.
On March 30, Vena Energy together with MGen Renewable Energy, Inc. (MGreen) inaugurated the 68-megawatt-alternating current (MWac) solar plant project in Ilocos Norte.
Mr. Nehria said his company is also exploring potential partnerships beyond Manila Electric Co. (Meralco).
“Yes, we do have more projects in the pipeline and you will hear about them,” he said.
MGreen is the renewable energy subsidiary of Meralco PowerGen Corp., the power generation arm of Meralco.
Vena Energy is also keen to participate in the second round of the green energy auction program (GEAP), which is set for June.
“Yes, we evaluate all options. GEAP is one of those. We are looking and evaluating the green energy auction program as well and we’ll see. It is a good opportunity for developers to go,” he said.
The Energy department has announced that it is set to conduct the second round of GEAP in June with 11,600 MW in capacity on offer.
Headquartered in Singapore, Vena Energy is a renewable energy company that owns, develops, constructs, operates, manages, and commercializes a renewable energy portfolio.