Singapore's Vena Energy plans P52-B investment for higher renewable capacity in PH

Singapore-based Vena Energy is planning to add 1.29 gigawatts (GW) of renewable energy capacity in the Philippines, backed by P52-billion equity investment, the Presidential Communications Office said on Sunday.

During his five-day work visit to Singapore, President Ferdinand Marcos Jr. met with the officials of the renewable energy firm.

The company already operates 887 megawatt and has 1.26 GW under construction, with key utility-scale solar, wind, and hybrid projects in Pangasinan and Ilocos Norte.

“These developments directly align with the Philippines’ national targets of achieving a 35% renewable energy share in power generation by 2030 and 50% by 2040,” the Presidential Communications Office said.

During his visit to Dubai in January, Marcos reaffirmed the country’s commitment to renewable energy expansion and nuclear safety.

In his fifth State of the Nation Address last July, said it is time to revisit nuclear energy production, as he touted some 200 energy projects in the pipeline in a bid to boost the country’s power supply and bring down power rates. —Vince Angelo Ferreras/RF, GMA News