Aboitiz, Mainstream tie up for Libmanan wind project
BY LENIE LECTURA – OCTOBER 14, 2022
from Business Mirror
Aboitiz Renewables, Inc. (ARI), the renewable energy (RE) arm of Aboitiz Power Corp., is making its foray into wind energy.
The company entered into a joint venture agreement with renewable energy (RE) firm Mainstream Renewable Power (Mainstream) to develop a 90-megawatt (MW) onshore wind project in Libmanan, Camarines Sur.
“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 CEO of AboitizPower said.
The joint venture, which is subject to regulatory approvals, is being delivered through an investment agreement for ARI’s proposed acquisition of a 60 percent stake in the Libmanan onshore wind project, which Mainstream has been developing since 2017.
Rubio said the commercial enterprise benefits from the combination of AboitizPower’s local expertise in RE and Mainstream’s specialty in RE development. 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.
“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,” added Rubio.
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 to 2.5 percent from 1 percent. The target is to achieve a 35 percent RE share of the total generation mix by 2030.
AboitizPower 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 said.
The government’s ambition is to generate 35 percent of all its electricity from renewables by 2030, and 50 percent by 2040. The country has multiple strategies to achieve its targets including the Green Energy Option Program, Renewable Portfolio Standard, and the recently launched Green Energy Auction Program. RE expansion is expected to play an important role in meeting the Philippines’ growing economy and electricity demand.
