Aboitiz Power Corp. through subsidiary Aboitiz Renewables, Inc. (ARI) signed a joint venture agreement with global renewable energy company Mainstream Renewable Power to build a 90 megawatts (MW) onshore wind project in Libmanan, Camarines Sur.
“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,” said Emmanuel Rubio, Aboitiz Power president and chief executive officer, in a statement.
The value of the deal was not disclosed.
ARI is set to acquire a 60 percent stake in the Libmanan onshore wind project which Mainstream has been developing since 2017.
James Arnold Villaroman, ARI president and chief operating officer said, said the company’s first venture into wind energy is a key step in the group’s “10-year strategy of growing our renewable energy capacity and striking a 50:50 balance between our renewable and thermal portfolios.”
As of October 2021, Aboitiz Power had the second biggest share in installed generating capacity in the entire country at 5,049.86 MW equivalent to a share of 21.56 percent of the total 23,422.34 MW. -Jed Macapagal
