The Asian energy market has been growing at an astonishing rate in recent months, with several nations noting substantial increases in demand for energy from a wide variety of sectors. Undoubtedly, the market leading the charge is the renewable energy sector. The Asian proclivity for the wind, solar, and nuclear power sectors has led RENOVA, a leading Japanese energy company, to secure a 20-year offtake deal for its 85 MW solar project in the Philippines. The nation has outlined plans to boost investments in the renewable energy sector as part of a wider ambition to transition the nation towards clean power generation.
RENOVA is leading the charge for the solar power sector in the Philippines
RENOVA is a Japanese company that boasts assets across the Asian continent, and recently announced that, through its subsidiary, Z Solar Plants, it has secured a 20-year fixed-price electricity sales contract for its latest solar project in the Philippines. The contract was awarded via the nation’s Green Energy Auction Program (GEAP) 4.
The program was created by the government to foster a competitive environment for potential renewable energy operators aiming to jump on board the renewable energy bandwagon in the region. The project is just the latest venture for RENOVA in the Philippines, as the firm has several renewable energy projects on the go in the nation.
The 85 MW solar project is part of a total of 250 MW awarded to RENOVA
The new solar project will be located in the Visayas Region of the Republic of the Philippines and forms part of a total of 250 MW in energy projects awarded to the Japanese firm, marking the continued expansion of its energy footprint in the region. The new facility will be the fourth project for RENOVA in the Philippines, following the Clark Solar Project, Zambales Solar Project, and the Ilocos Norte Wind Project.
Construction of the new solar facility is set to kick off next year
Following the awarding of the two-decade-long contract, RENOVA has noted that construction is set to begin in 2026, with the firm expecting the project to come online in 2028. The all-new facility will copy and paste the solar model used at the Zambales Solar Project, with RENOVA stating it will leverage synergies between the two projects to fast-track development.
The new contract for RENOVA comes as the Philippine government has expressed its intention to increase the energy-generating capacity from the renewable energy sector, with plans to boost the sector to 50% of the nation’s energy mix. This reflects the nation’s ambitions to phase out reliance on oil and gas in favor of the renewable energy power of the solar and wind sectors.
RENOVA also has a few other wind projects in the Philippines
The firm has noted it is advancing its Philippines portfolio through not only the new solar project, but also via the ongoing development of the Ilocos Norte Wind Project, which is slated to be completed this year. Several Asian nations have expressed similar ambitions to those of the Philippines, with Indonesia beginning work on a 92 MW floating solar project.
RENOVA’s strategy for the Asian energy market is finally producing results
The firm’s ambitions to increase its already impressive renewable energy projects in the Philippines come as the Asian energy market experiences an evolution of sorts. Several nations in the region have plans to develop pioneering renewable energy projects in the near future, such as Malaysia, which announced it has launched a floating solar project targeting stunning long-term capacity. The Asian energy market is changing, and the Philippines is aiming to lead the region into a new era dominated by the renewable energy sector.
