Aboitiz Power signs MOU with JBIC

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Aboitiz Power Corp. signed a memorandum of understanding (MOU) with public financial institution Japan Bank for International Cooperation (JBIC) to foster international cooperation in developing the Philippine power industry.

No details on the MOU were provided but AboitizPower said it will leverage JBIC’s support to strengthen efforts in emissions reduction and transition technologies like liquified natural gas to help accelerate renewable energy development in the Philippines.

For its part, JBIC said it will contribute toward realizing global carbon neutrality by supporting and accelerating energy transition toward a decarbonized society in emerging and developing countries.

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Aboitiz Power eyes spending around P190 billion over the next decade for an additional 3,700 megawatts (MW) of renewable energy, growing its capacities to 4,600 MW or three times the company’s current renewables portfolio by 2030.

Currently, close to 1,000 MW of Aboitiz Power RE projects including wind and solar farms and more geothermal capacities are in the pipeline.

 

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