Singapore-based firm Vena Energy is keen on developing 300 to 500 megawatts (MW) of renewable energy (RE) projects in the Philippines annually.
Samrinder Nehria, Vena Energy Philippines head, said in a recent project launch the company will pursue solar, floating solar and wind projects, among others.
“…We want to do 300 to 500 MW of projects every year for the next couple of years. We do believe that given the number of projects which the Philippines needs especially from RE (and) what is actually available and can be executed, there’s a gap there and together with partners like MGreen (MGen Renewable Energy Inc.) we can go on and execute that. 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,” Nehria said.
Vena Energy said for solar and wind projects, 1 MW will cost about $1 to $1.5 million depending on technology, location and proximity to the grid, among other factors.
Nehria said Vena Energy has secured the support of banks and partners.
Nehria added Vena Energy also eyes to join the Green Energy Auction program and the Laguna Lake Development Authority’s bidding for floating solar service contracts.
Vena Energy’s portfolio in the Philippines is at 330 MW with around 280 MW attributable to the company.
It is currently involved in several RE projects in the country.
