Scatec and Aboitiz Joint Venture Advances Renewable Energy
Scatec, a prominent renewable energy solutions provider, has partnered with Aboitiz Renewables for an exciting new venture focused on a 68 MW floating solar project. This project is part of the Department of Energy's Green Energy Auction Program 4 (GEA 4), with a Power Purchase Agreement (PPA) that spans 20 years. The collaborative effort will be managed through SN Aboitiz Power (SNAP), where Scatec holds a 50% ownership stake in the Philippines.
Location and Technology
The intriguing floating solar plant will be situated on the Magat reservoir in the Isabela province. This area is already home to several existing operations, including a 388 MW impoundment hydropower facility and additional renewable energy solutions such as an 8.5 MW run-of-river hydropower setup and a 24 MW battery storage system. By integrating solar energy with existing hydropower resources, this project beautifully demonstrates how hybrid renewable energy solutions can be effectively utilized.
Innovation and Impact
Terje Pilskog, CEO of Scatec, expressed enthusiasm regarding this project, emphasizing its significance in solidifying their position in the Philippine renewable energy landscape. Pilskog stated, "This award further strengthens our platform in the Philippines and underlines our ability to scale innovative, hybrid renewable energy solutions. Floating solar on hydropower reservoirs is a smart way to add clean capacity with minimal land use and strong grid integration.”
Contributions to Renewable Targets
The Magat floating solar project aligns with the Philippines' ambitious target of achieving a 35% share of renewable energy by 2030 and 50% by 2040. This initiative will not only support these national goals but also enhance Scatec’s solar and storage portfolio in the region. Notably, SNAP is in the process of constructing 56 MW of battery energy storage systems and has an additional backlog of 80 MW, which reflects a robust growth trajectory.
Expected Timeline and Technology
The project is set to reach financial closure and commence its construction phase in the near future, with commercial operations anticipated to start in 2027. The floating solar installation will employ proven technologies that have a solid history in the Southeast Asia region. More detailed information regarding capital expenditures (capex) and financing will be disclosed upon reaching financial closure—which is an exciting step for all stakeholders involved.
Contact Information
For those seeking further insights into this project, Scatec has designated specific contacts for inquiries. Analysts and investors can reach out to Andreas Austrell, SVP IR at +47 974 38 686 or via email at andreas.austrell@scatec.com. For media inquiries, Meera Bhatia, SVP External Affairs & Communications, is available at +47 468 44 959 or through email at meera.bhatia@scatec.com.
About Scatec
Scatec is dedicated to accelerating access to clean and affordable energy in emerging markets worldwide. With an impressive 6.2 GW of renewable energy projects either operational or under construction across five continents, Scatec is committed to expanding its capacity and ensuring that sustainable energy solutions are within reach for all. The company's headquarters are located in Oslo, Norway, and it operates under the ticker symbol 'SCATC' on the Oslo Stock Exchange. To find out more about Scatec's mission and partnered initiatives, visit www.scatec.com.
Frequently Asked Questions
What is the main goal of the Scatec and Aboitiz collaboration?
The collaboration aims to establish a 68 MW floating solar project that enhances renewable energy production in the Philippines.
Where is the floating solar project located?
The floating solar plant will be situated on the Magat reservoir in the Isabela province of the Philippines.
When is construction expected to begin for the project?
Construction is expected to start in the year 2026, with commercial operations anticipated in 2027.
How does the project contribute to renewable energy targets?
The project supports the Philippines' goals of achieving a 35% renewable energy share by 2030 and 50% by 2040.
Who can be contacted for more information?
Andreas Austrell is the contact for analysts and investors, while media inquiries can be directed to Meera Bhatia.
