Aboitiz Power Corp. has signed a memorandum of understanding to lead a Philippines-Japan consortium that will explore the development of technology and an integrated system for potential projects in the field of renewable energy.
In a statement, the company said the agreement was signed last Friday with representatives of Kawasaki Heavy Industries Ltd., IKS Co. Ltd. and Amber Kinetics to leverage their respective new-generation technologies and expertise to optimize renewable energy development in the Philippines while contributing to energy cost savings and grid stability.
Aboitiz Power said the partnership is also expected to produce “further exploration and expansion beyond the Philippines to Asean, Japan and Australia.”
“With this consortium, the Philippines and Japan can make a significant impact on our transition towards a more sustainable future. Our partnerships represent a powerful alliance that will drive technological innovation and harness the power of renewable energy to create a brighter future for generations to come,” said Sabin Aboitiz, Aboitiz Power chairman, in a statement.
Aboitiz Power added the agreement provides a platform for the consortium to work together with proprietary technologies on projects that have the potential to transform the renewable energy landscape and drive sustainable economic growth in the Philippines and throughout the region.
The company said Kawasaki Heavy Industries currently pushes for the use of virtual synchronous generator technology and flywheel energy storage system for a more stabilized grid frequency while IKS is developing a power control system that will easily allow other devices to connect and function seamlessly while Amber Kinetics developed a technology which converts electricity into kinetic energy stored in the mass of spinning flywheels.
Aboitiz Power eyes to spendaround P190 billion over the next decade for an additional 3,700 megawatts (MW) of RE, growing its capacities to 4,600 MW or three times the company’s current renewables portfolio by 2030.
