Shell unit enters into venture to develop Philippine renewable energy projects

Shell Overseas Investments BV signed a joint venture agreement with Nickel Asia Corp.'s renewable energy subsidiary, Emerging Power Inc., to jointly develop, own, operate and maintain onshore renewable energy projects in the Philippines.

The venture is targeting 1 GW by 2028 and looks to contribute up to 3 GW to the Philippines' renewable capacity through projects in Luzon and Visayas. The Philippine Department of Energy, through the Philippine Energy Plan, intends to increase the share of renewables in the country's energy mix to 35% by 2030 and 50% by 2040, according to a July 1 news release.

The venture will focus on utility-scale solar photovoltaics and will evaluate opportunities for onshore wind and energy storage.

A gigawatt of solar photovoltaic power can supply the daytime consumption of over 1.2 million households in the country per year, Shell said, citing industry data. A typical Filipino household consumes 200 kWh per month.

In September 2021, Shell PLC, through Shell Overseas Investments, formed a joint venture with CoensHexicon Co. Ltd. to develop and operate a floating offshore wind project in South Korea with a capacity of up to 1.4 GW. The project will help South Korea reach its target of increasing domestic renewable energy generation to 20% of its energy mix by 2030 and becoming carbon-neutral by 2050.

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