Mainstream, AboitizPower team up on 90-MW wind project in Philippines

Global renewables developer Mainstream Renewable Power and Philippine power producer Aboitiz Power Corp have teamed up to deliver an initial 90-MW onshore wind project in the Philippines.

Mainstream said today it has signed a joint venture agreement with AboitizPower’s subsidiary Aboitiz Renewables Inc (ARI), which is subject to regulatory approvals. Under the deal, ARI will acquire a 60% stake in the 90-MW Libmanan wind project in the Camarines Sur Province. Mainstream has been developing this project with its local partner since 2017. The development is expected to reach financial close in 2023 and become operational in 2025.

This will be Mainstream’s first wind farm in the Philippines, which, the company says, is one of its priority markets in the region.

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

AboitizPower aims to increase its renewables portfolio to 4,600 MW by the end of the decade and Mainstream expects to support this growth.

The Philippine government wants to reach a share of 35% renewables in electricity generation by 2030, and 50% by 2040. Renewable energy is also expected to be a key contributor to meeting Philippines’ increasing electricity demand.

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