PR Newswire
06 Apr 2023, 11:51 GMT+10
SINGAPORE and HANOI, Vietnam and MANILA, Philippines, April 6, 2023 /PRNewswire/ -- Singapore's IPP platform athein, established recently as a Joint-Venture partnership between four Southeast Asian companies, is currently developing over 500 MWp of utility scale and commercial and industrial solar power across Philippines. The company aims to reach 2 GWp of operating projects by 2030.
"Philippines' new administration sends some game-changing signals to the industry. President Marcos shows a clear commitment towards renewable energy and with foreign ownership bottleneck solved, we will see an exponential growth of domestic and foreign investment in the country" commented athein's Co-Founder and CEO - Milan Koev.
Philippines (together with Singapore) is among the most liberalized power markets in ASEAN, however the country is also leading the race of highest retail electricity tariffs in the region. The country's plans to add 20 GWp of renewable energy by 2030, coupled with abundant irradiation areas and faster growth of power demand, translate into enormous potential.
Edmund Yen, Co-Founder and CCO of athein added, "We are currently developing multiple utility scale projects, the biggest of which is 300 MWp, but in the same time we are in the process of evaluating over 13,000 hectares of land, suitable for solar power plants. The existing grid infrastructure remains an obstacle for connecting large scale projects, particularly outside of Luzon Island, thus we are considering multiple alternative solutions, such as micro-grids and battery storage systems."
Global Energy Monitor estimates that by 2030 the Philippines, as one of the world's fastest-growing economic regions, will have added 17,809 MW of solar capacity and 7,856 MW of wind power to emerge as the top green power producer, leapfrogging Vietnam as the main renewable energy producer in Southeast Asia.
About athein Holding:
athein is a Joint-Venture partnership between ATAD Steel Structure Corporation, Hexagon Holdings, Inpos JSC. and Invenic Inc. The platform company is committed to help its multinational manufacturing customers to achieve their net zero targets and plans to operate 1 GWp of renewable assets by 2026 and 5 GWp by 2030, spread across India, Philippines and Vietnam.
Get a daily dose of Philippine Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Philippine Times.
More InformationThe Voice of America may not live up to its ambitious name for much longer. Michael Abramowitz, the director of VOA, said in a Facebook...
WASHINGTON, DC - U.S. President Donald Trump has joined Israel's war on Yemen's Houthis, days after the group said it would resume...
LOMPOC, California: NASA launched a new telescope into space this week to study the origins of the universe and search for hidden water...
AUSTIN/SANTA FE: Texas/New Mexico have reported 28 new measles cases in the past five days, bringing the total to 256 since the outbreak...
WASHINGTON, D.C.: U.S. Transportation Secretary Sean Duffy announced that helicopters will be permanently banned from flying near Washington...
NEW YORK CITY, New York: The U.S. must accelerate its efforts to develop fusion energy or risk losing its edge to China, Virginia Governor...
DETROIT, Michigan: Volkswagen's decision to scale back production at its Chattanooga, Tennessee plant has sparked backlash from the...
STOCKHOLM, Sweden: Spotify set a new milestone in 2024, paying out US$10 billion in royalties—the highest annual payout to the music...
NEW DELHI, India: Jaguar Land Rover (JLR) has decided against manufacturing electric vehicles at Tata Motors' upcoming $1 billion factory...
LONDON, U.K.: Virgin Group is seeking to raise $900 million to fund its plan to launch cross-channel rail services, positioning itself...
SEATTLE, Washington: Boeing saw a significant increase in aircraft deliveries in February, reporting 44 planes delivered compared to...
DALLAS, Texas: Southwest Airlines will start charging passengers for checked bags, ending a long-standing policy that set it apart...