Mainstream Renewable Power has entered into a JV with Aboitiz Power Corporation, via its subsidiary Aboitiz Renewables (AR), to initially deliver the 90MW Libmanan onshore wind project located in the Camarines Sur province.
Under the agreement, which is subject to regulatory approvals, is being delivered through an investment agreement for AR’s proposed acquisition of a 60% stake in the project, which Mainstream has been developing since 2017 with its local partner.
The 90MW Libmanan onshore wind project is expected to reach financial close in 2023 and achieve commercial operations in 2025.
The JV harnesses the combination of Mainstream’s global renewables development expertise and track record and AboitizPower’s extensive local expertise and business network.
It is expected to 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.
Philippines-based AboitizPower has a stated goal to grow its renewables portfolio to 4600MW by the end of the decade and Mainstream is contributing to this via the Libmanan onshore wind project as well as a future development pipeline.
Chief executive of Mainstream Renewable Power Mary Quaney 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% by 2030.”
Chief executive of AboitizPower Emmanuel V Rubio added: “This joint venture marks AboitizPower’s first foray into wind energy and underscores our aspiration to be a strong renewable energy partner.
“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.”