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AboitizPower and Mainstream Renewable Power enter into first JV agreement for 90 MW  wind project in CamSur 

AboitizPower and Mainstream Renewable Power enter into first JV agreement for 90 MW  wind project in CamSur 

Aboitiz Power Corporation (AboitizPower), through its subsidiary Aboitiz Renewables, Inc. (ARI), recently  signed a joint venture agreement with global renewable energy company Mainstream Renewable Power  (Mainstream) to build a 90-MW onshore wind project in Libmanan, Camarines Sur.  

The commercial enterprise benefits from the combination of AboitizPower’s local expertise in  renewable energy (RE) and Mainstream’s specialty in REdevelopment. It is expected to be a leading  contributor in the country’s drive to increase the utilization of indigenous energy sources like wind and  solar.  

Early this month, in a bid to draw more investors and end-users in renewable energy, the Department of  Energy approved an increase in the yearly renewable portfolio standards from 1 percent to 2.5 percent.  The target is to achieve 35 percent RE share of the total generation mix by 2030. 

“This joint venture marks AboitizPower’s first foray into wind energy and underscores our aspiration to  be a strong renewable energy partner,” Emmanuel V. Rubio, President and Chief Executive Officer of  AboitizPower said. “We are optimistic about the realization of our renewable ambitions over the next  decade, both domestically and internationally, while we continue to serve the critical baseload needs of  the Philippine energy system.” 

AboitizPower is one of the pioneers of RE in the country and is pursuing to grow its renewable portfolio  to 4,600 MW by the end of the decade.  

“The Libmanan onshore wind project with Mainstream, along with future endeavors in the pipeline will  help bring us to our goal,” Rubio added. 

James Arnold Villaroman, President and Chief Operating Officer of Aboitiz Renewables, Inc., echoed the  role AboitizPower has undertaken towards a decarbonised energy future of the Philippines.  

“We are excited for this project with Mainstream, given our shared aspiration of growing the Philippine  renewable energy generation portfolio in the years to come,” shared Villaroman. “This is the beginning  of an exciting 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, which is subject to regulatory approvals, is being delivered through an investment  agreement for ARI’s proposed acquisition of a 60% stake in the Libmanan onshore wind project, which  Mainstream has been developing since 2017.  

“We are delighted to be entering this joint venture with AboitizPower to deliver our first wind farm in  the Philippines,” said Mary Quaney, Chief Executive Officer of Mainstream. “The Philippines is one of  our priority markets in the region and we are committed to working in partnership with AboitizPower to  support the country’s ambitious and commendable target to cut its greenhouse gas emissions by 75% by  2030.” 

The Philippine Government’s ambition is to generate 35% of all its electricity from renewables by 2030,  and 50% by 2040. The country has multiple strategies to achieve its targets including the Green Energy  Option Program (GEOP), Renewable Portfolio Standard (RPS), and the recently launched Green Energy  Auction Program (GEAP). RE expansion is expected to play an important role in meeting the Philippines’  growing economy and electricity demand.  

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About The Author

Raymund Ravanera is an accomplished and experienced graphic designer with almost 20 years of creative expertise working in the graphic design industry. He loves the latest gadgets, food and movies. Currently, he owns and manages megabites.com.ph, an online technology and lifestyle blog since 2015.

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