The Camarines Sur Wind Energy Project Is Getting a Boost from Aboitiz Power

Listed AboitizPower is a pioneer in renewable energy in the country, but it has never had a project involving wind energy. Until now. 

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Through a joint venture between its subsidiary Aboitiz Renewables and global renewable energy company Mainstream Renewable Power, the company is building a 90-MW onshore wind power project in Libmanan, Camarines Sur.

Mainstream has been developing the wind power project in the area since 2017.

In a disclosure to the Philippine Stock Exchange, AboitizPower said the joint venture, which is still 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.

According to AboitizPower, the wind project benefits from the combination of the company’s local expertise in renewable energy and Mainstream’s specialty in RE development. When completed, the project is expected to be a “leading contributor in the country’s drive to increase the utilization of indigenous energy sources like wind and solar.”

AboitizPower is pursuing to grow its renewable portfolio to 4,600 MW by the end of the decade.

“This joint venture marks AboitizPower’s first foray into wind energy and underscores our aspiration to be a strong renewable energy partner,” said Emmanuel V. Rubio, president and CEO of AboitizPower. “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.

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

“We are delighted to be entering this joint venture with AboitizPower to deliver our first wind farm in the Philippines,” said Mary Quaney, CEO 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 percent by 2030.”

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

The Philippines’ ambition is to generate 35 percent of all its electricity from renewables by 2030, and 50 percent by 2040.