AboitizPower, Mainstream Renewable Power Building 90-MW Wind Project In Bicol
Aboitiz Power Corp. and Mainstream Renewable Power are planning to build a 90-megawatt (MW) onshore wind project in Libmanan, Bicol.
Photo Insert: (from left to right) Mainstream CEO Mary Quaney and AboitizPower CEO Emmanuel V. Rubio.
In a media release, AboitizPower said it signed, through its subsidiary Aboitiz Renewables, Inc. (ARI), a joint venture agreement with Mainstream for the development of the wind project in the Bicol Region.
“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 in a media release on Thursday.
AboitizPower is targeting to grow its portfolio to 4,600 MW of sustainably sourced energy by 2030. To date, the power company said it owns, together with its partners, a total net sellable capacity of 1,248 MW.
It said that with its partners, the total net sellable capacity of the group is 5,322 MW, with an energy mix of 23% Cleanergy and 77% thermal energy. Cleanergy is the company’s renewables brand.
“This is the beginning of an exciting new era for AboitizPower and [Aboitiz Renewables], 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,” said James Arnold D. Villaroman, Aboitiz Renewables’ president and chief executive officer.
AboitizPower said the joint venture is awaiting regulatory approvals. It said that the deal will be delivered through an investment agreement for Aboitiz Renewables’ proposed acquisition of a 60% stake in the Libmanan onshore wind project, which was being developed by Mainstream since 2017.
Under the Philippine Energy Plan, the country is targeting to increase renewable energy in its energy mix to 35% by 2030, and 50% by 2040.
Mary Quaney, Chief Executive Officer of Mainstream, said that the Philippines is one of the company’s priority countries.
“We are committed to working in partnership with AboitizPower to support the country’s ambitious and commendable target to cut its greenhouse gas emissions (GHG) by 75% by 2030,” she said.
The Department of Environment and Natural Resources said that the Philippines has committed to the United Nations to cut GHG emissions by 75% between 2020 and 2030.