Shell unit Shell Overseas Investments has signed an agreement with Emerging Power, the energy unit of Nickel Asia, to build an initial 1GW solar energy project in the Philippines, reported Reuters.
Shell and Emerging Power aim to complete the solar energy project in 2028.
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This project is scalable up to 3GW.
Although the focus of the project is on solar, the companies will also explore opportunities in onshore wind and energy storage systems.
The 1GW capacity project will be able to cater to the annual daytime consumption of over 1.2 million homes in the country.
Currently, Shell has 4.7GW of clean energy production capacity in operation, under construction, or committed to sale globally.
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By GlobalDataShell aims to become a net-zero greenhouse gas emissions company by 2050.
The company has agreed to divest its 45% stake in the country’s Malampaya natural gas project.
It has a pipeline of further 38GW in future ventures in clean energy.
The Philippines is aiming to decrease its fossil fuels reliance, the news agency reported.
It intends to grow renewables in its power mix from 21% in 2020 to 35% by the end of this decade, and to 50% by 2040.
In 2020, coal represented almost 60% in the power mix.
The country’s new President Ferdinand Marcos aims to boost renewable energy.
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Image: Shell and Emerging Power aim to complete the solar energy project in 2028. Credit: PublicDomainPictures from Pixabay.
