AboitizPower and Mainstream Renewable Power form JV for CamSur wind project
Aboitiz Power Corporation
AboitizPower has signed a joint venture agreement with global renewable energy company Mainstream Renewable Power to build a 90-MW onshore wind project in Libmanan, Camarines Sur. Department of Energy approved an increase in the yearly renewable portfolio standards from 1 percent to 2.5 percent.
Aboitiz Power Corporation (AboitizPower) recently signed a joint venture agreement with Mainstream Renewable Power (Mainstream) to build a 90-MW onshore wind project in Libmanan, Camarines Sur.
AboitizPower's local expertise in RE and Mainstream's RE development benefit the business. It's expected to help the country use more wind and solar energy.
In a bid to attract more investors and end-users in renewable energy, the Department of Energy increased yearly renewable portfolio standards from 1% to 2.5% this month. The goal is to reach 35% RE by 2030.
AboitizPower CEO Emmanuel V. Rubio said, "This joint venture marks our first foray into wind energy and underscores our aspiration to be a strong renewable energy partner. We are optimistic about realizing our renewable ambitions over the next decade, both domestically and internationally, while continuing to meet the Philippines' baseload needs."
AboitizPower is one of the country's RE pioneers and aims to reach 4,600 MW by the end of the decade.
Rubio added, "The Libmanan onshore wind project with Mainstream and future endeavors will help us reach our goal."
Aboitiz Renewables, Inc. President and COO James Arnold Villaroman echoed AboitizPower's role in decarbonizing the Philippines' energy future.
"We're excited about this project with Mainstream because we both want to grow the Philippines' renewable energy portfolio," said Villaroman.
"This is the beginning of a new era for AboitizPower and ARI as we take a key step towards our 10-year strategy of growing our renewable energy capacity and striking a 50:50 balance between our renewable and thermal portfolios."
The joint venture is being delivered through an investment agreement for ARI's proposed acquisition of a 60% stake in Mainstream's Libmanan onshore wind project.
Mainstream's CEO is excited to partner with AboitizPower to build the company's first wind farm in the Philippines. "The Philippines is one of our regional priorities, and we're committed to working with AboitizPower to support the country's ambitious goal to cut greenhouse gas emissions by 75% by 2030."
The Philippines aims to generate 35% of its electricity from renewables by 2030 and 50% by 2040. The country has multiple strategies to achieve its goals, including GEOP, RPS, and the recently launched Green Energy Auction Program (GEAP). The Philippines' growing economy and electricity demand will benefit from RE expansion.
Source: Aboitiz Power newsroom