A contract for a first gigawatt-scale solar energy project was signed on July 1st by Shell Overseas Investments B.V., a division of Shell plc, and Emerging Power Inc. of the Philippines. The largest nickel ore miner in the Philippines, Nickel Asia Corp., and Emerging Power have partnered to create a 3 GW joint venture that is anticipated to be finished in 2028.
The emphasis is on solar power, but they added that onshore wind and energy storage system options were also being considered. In a release, they claimed that a 1 GW capacity could meet the daily needs of more than 1.2 million households in the Philippines.
Shell, based in London, has 4.7 GW of installed, planned, or committed renewable energy generation capacity worldwide. By the year 2050, Shell wants to emit no net greenhouse gases.
Last month, Enrique Razon’s unlisted Prime Infrastructure Holdings Inc announced plans to construct the biggest solar power station in the world, with a 2.5–3 GW capacity.
The Philippines wants to boost the proportion of renewable energy in its electricity mix from 21% in 2020 to 35% by 2030 and 50% by 2040. In 2020, coal made up around 60% of the fuel mix.
According to Ferdinand Marcos, the incoming president, the quest for renewable energy has his support. Shell, which has decided to sell its 45%Â stake in the Malampaya natural gas project in the Philippines, has another 38 GW of renewable energy projects in the pipeline.
In the Southeast Asian country, which is attempting to reduce its dependency on fossil fuels, the project is the latest in a long line of renewable energy endeavours.