Shell Overseas Investments B.V., a unit of Shell plc has signed an agreement with the Philippines’ Emerging Power Incorporated to build 1 GW renewable energy project.
The companies are focusing on tapping solar energy and evaluating opportunities in onshore wind and energy storage systems. A 1 GW capacity can supply the annual daytime consumption of more than 1.2 million Philippine homes. Shell and Emerging Power are targeting to complete the project by 2028 and the project is scalable up to 3 GW. Notably, the Philippines aims to increase renewables in its power mix to 35 per cent by 2030, from 21 per cent in 2020, and to 50 per cent by 2040. Coal accounted for nearly 60 per cent of the 2020 mix.