Emmanuel Rubio
A subsidiary of listed Aboitiz Power Corp. is acquiring a 60-percent stake in a project in Camarines Sur in the group’s first try at wind power generation.
In a disclosure, AboitizPower said the joint venture agreement signed between Aboitiz Renewables Inc., its holding company for renewable energy projects, would allow it to develop the 90-megawatt onshore wind project in Libmanan town together with global renewable energy company Mainstream Renewable Power.
Mainstream, which has been developing the facility since 2017, said they were expecting to reach financial closure by next year and start commercial operations by 2025. The price tag was not disclosed.
“This joint venture marks AboitizPower’s first foray into wind energy and underscores our aspiration to be a strong renewable energy partner,” said Emmanuel Rubio, president and CEO of AboitizPower.Mainstream CEO Mary Quaney said this project would also be the Ireland-based company’s first wind farm in the Philippines.
Mainstream is a renewable energy player with 6.5 gigawatts of wind and solar assets across the globe, such as in Latin America, Africa and the Asia-Pacific. It has a total global project portfolio of more than 27 GW.
“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,” said Quaney.
Rubio said the Libmanan onshore wind project, along with other power projects in the pipeline, would help AboitizPower realize its goal of growing its renewable portfolio to 4,600 MW by the decade’s end.
AboitizPower also aims to reach a 50:50 balance between its renewable and thermal capacities.
“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.