Philippine power company Aboitiz Power Corp (PSE:AP) announced that it will aim to achieve a 50:50 balance between its renewable energy and thermal power portfolios by 2030.
To realise the plan, AboitizPower will look to invest in more renewable energy projects both at home and abroad over the next decade.
“Last year was a year of plans, but this time around, we’re going to put those plans into action,” AboitizPower president and CEO Emmanuel V. Rubio said in a statement.
The company said it will “selectively” build baseload power plants, particularly natural gas-powered, considering them still necessary to support growing energy needs in the Philippines.
AboitizPower adds that it is currently working on several renewable energy projects, focusing primarily on solar, wind and hydropower. It recently commissioned two wind met masts in the Philippine province of Pangasinan and is planning to start building a 50-MW solar project in Luzon within the second half of 2021.
AboitizPower, through its affiliates, operates run-of-the-river, large hydro, solar and geothermal power plants as part of its clean energy portfolio in the Philippines, as well as coal and oil-fired plants.