A Singaporean independent power producer has announced plans to develop 2GWp of solar PV projects in the Philippines by 2030.
Out of this, projects with 500MW capacity are already under development.
Athein is a new joint venture IPP between four southeast Asian companies. Last year, this JV was created between Saudi Arabian ATAD Energy Company, Singaporean entity Hexagon Holdings, Vietnamese PV company Inpos and Philippines solar supplier Invenic.
This firm is developing 500MW of commercial and industrial solar projects in the Philippines.
Athein’s co-founder and CEO Milan Koev was quoted in a statement, “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.”
The statement comes as the country has now amended its regulations to relax laws for foreign ownership of renewable energy projects. It has also further attracted foreign and private investment in the sector.
The Philippines plans to achieve renewable energy generation of over 17GW of solar PV by 2030.
Edmund Yen, co-founder and CCO of Athein commented, “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.”