Global clean and renewable energy player Mainstream Renewable Power has announces the signing of a joint venture agreement with Aboitiz Power Corporation via its subsidiary Aboitiz Renewables to initially deliver the 90 MW Libmanan onshore wind project that is located in the Camarines Sur Province of Philippines.
As per the official statement of Mainstream, the joint venture, which harnesses the combination of Mainstream’s global renewables development expertise and AboitizPower’s local expertise and business network, will play a leading role in the Philippine Government’s drive to increase renewable generation in the country via the rapid expansion of its portfolio of wind and solar assets.
Aboitiz Power has a stated goal to grow its renewables portfolio to 4,600 MW by the end of the decade. Mainstream mentioned that it is contributing to its goal via Libmanan onshore wind project as well as a future development pipeline.
Mainstream said that the 90 MW Libmanan onshore wind project is expected to reach financial close in 2023 and achieve commercial operations in 2025.
Mary Quaney, Chief Executive Officer, Mainstream Renewable Power, said, “We are delighted to be entering this joint venture with AboitizPower to deliver our first wind farm in the Philippines. This is one of Mainstream’s priority markets in the region and we are committed to working in partnership with AboitizPower to support the Philippines’ ambitious target to cut its greenhouse gas emissions by 75 percent by 2030.”
Mainstream also said that the joint venture is being delivered through an investment agreement for ARI’s proposed acquisition of a 60 percent stake in the Libmanan onshore wind project, which the company has been developing since 2017 with its local partner.
The Philippines’ Dash for RE
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 Philippine Government’s ambition is to generate 35 percent of all its electricity from renewables by 2030, and 50 percent by 2040.
The Philippines has undertaken Green Energy Option Program (GEOP), Renewable Portfolio Standard (RPS), and Green Energy Auction Program (GEAP) to achieve the clean energy targets.