SINGAPORE and HANOI, Vietnam and MANILA, Philippines, April 6, 2023 /PRNewswire/ — Singapore’s IPP platform athein, established recently as a Joint-Venture partnership between four Southeast Asian companies, is currently developing over 500 MWp of utility scale and commercial and industrial solar power across Philippines. The company aims to reach 2 GWp of operating projects by 2030.
“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” commented athein’s Co-Founder and CEO – Milan Koev.
Philippines (together with Singapore) is among the most liberalized power markets in ASEAN, however the country is also leading the race of highest retail electricity tariffs in the region. The country’s plans to add 20 GWp of renewable energy by 2030, coupled with abundant irradiation areas and faster growth of power demand, translate into enormous potential.
Edmund Yen, Co-Founder and CCO of athein added, “We are currently developing multiple utility scale projects, the biggest of which is 300 MWp, but in the same time we are in the process of evaluating over 13,000 hectares of land, suitable for solar power plants. 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.”
Global Energy Monitor estimates that by 2030 the Philippines, as one of the world’s fastest-growing economic regions, will have added 17,809 MW of solar capacity and 7,856 MW of wind power to emerge as the top green power producer, leapfrogging Vietnam as the main renewable energy producer in Southeast Asia.
About athein Holding:
athein is a Joint-Venture partnership between ATAD Steel Structure Corporation, Hexagon Holdings, Inpos JSC. and Invenic Inc. The platform company is committed to help its multinational manufacturing customers to achieve their net zero targets and plans to operate 1 GWp of renewable assets by 2026 and 5 GWp by 2030, spread across India, Philippines and Vietnam.