Vena Energy keen on expanding in Philippines

MANILA, Philippines — Singapore-based renewable energy company Vena Energy is bullish on its growth prospects in the country with plans to put up as much as 1,500 megawatts (MW) of renewable energy capacity in the next three years.

Vena Energy Philippines head Samrinder Nehria said the company is looking to add 300-MW to 500- MW of new capacity in the country annually over the next two to three years.

“We want to do 300 to 500 MW of projects every year for the next couple of years,”Nehria said.

“We do believe that given the number of projects which the Philippines needs especially from renewable energy, what is actually available and can be executed, there’s a gap there and together with partners we can go on and execute that. It is all about how much demand is there in the market,” he said.

Nehria said the company’s planned expansion pipeline in the country would be solely renewable energy such as solar, wind, and floating solar.

He said the amount of investment for its projects would depend on the technology that will be used, but the official noted that Vena Energy has the support of the banks and its partners.

According to Nehria, Vena Energy, in partnership with other companies, operates five solar plants and a wind farm in the Philippines with a combined capacity of around 330 MW.

The company’s joint venture with MGen Renewable Energy Inc. called Nuevo Solar Energy Corp., inaugurated last month the 68-MWac Garcia 2 solar project in Currimao, Ilocos Norte.

Both companies are exploring additional parnterships for other renewable energy projects in the future.

Nehria said Vena Energy is also looking and evaluating the possibility of participating in the government’s green energy auction program (GEAP).

The Department of Energy has issued a notice of auction inviting all qualified suppliers to participate in the second round of the green energy auction, setting in motion a series of activities leading up to the scheduled auction in June.

The auction will offer a total capacity of 11,600 MW installation target, with 3,600 MW for 2024, 3,600 MW for 2025, and 4,400 MW for 2026.