As the new year approaches at warp speed, a wave of new renewable solar energy possibilities has swept across the world. Decarbonizing the global energy market has become a top priority for a litany of nations that have clear clean energy and emissions reduction targets. The growth of the Asian renewable energy sector has been a major development that could reshape regional energy supplies for the years to come, and now, Renova, a major Japanese renewable energy company, has secured the rights for a new 85 MW solar project in the Philippines.
Climate change has become a problem too big to ignore, requiring cooperation to address the issue
Over the past decade or so, climate change has begun to rear its ugly head in a myriad of devastating disasters that have ravaged the world. From the huge wildfires in California to the flooding of several Asian nations, the problems relating to climate change have become a problem that requires the pragmatic cooperation of the world’s nations.
A measure that has been undertaken to address climate change is the decarbonization of the international energy industry. For far too long, the world has relied on the traditional energy supply from oil and gas and other fossil fuel-based energy production; however, since the Paris Agreement aimed to address these issues, a new wave of renewable energy production has swept across the global market, well expect in the United States.
Renova enters the Philippine renewable energy market for the first time
The Tokyo-based renewable energy company has outlined plans for it to enter the Philippine renewable energy market for the first time through the country’s fourth Green Energy Auction Programme, known locally as GEAP. Through the auction programme, Renova has been awarded the rights to construct a new 85-MW solar facility in the Visayas region of the Philippines.
Renova is set to build its already impressive renewable energy capacity in the Southeast Asian market
The company has reported that the plan is for it to develop the 85-MW solar facility alongside its partner, Victoria’s Green Energy Corporation, a local renewable energy company. The project was awarded through the Green Energy Auction Programme at a fixed tariff, and Renova and Victoria will oversee the construction and operations at the new facility, with the power generated supplied under a 20-year contract to the Philippine grid.
The new deal represents a major landmark achievement for the Japanese renewable energy company as it aims to expand its overseas footprint and diversify its renewable energy portfolio across the Asian continent. Renova has previously stated its intention to reach 5GW of installed capacity around the world by the end of the decade.
As part of its expansion plans for the Asian renewable energy market, Renova also aims to increase its overall capacity. The company is targeting 1.8GW from international ventures. The Asian solar market has been growing at an astonishing rate in recent years, as evidenced by the news that the Asian Development Bank has backed a new Uzbekistan solar project.
The future of the renewable energy market is looking extremely bright
So bright in fact, that many industry experts and analysts have noted that the Renova deal is just the first in a long line of international energy companies that plan to enter the Asian renewable energy market over the coming years. The popularity of the renewable energy sector among the general population means that companies need to diversify their energy assets to benefit from the renewed interest in the sector. India’s Hindustan Power winning a major contract for a 100 MWp solar plus 300 MWh storage project exemplifies the demand for renewable energy.
