Mainstream Renewable Power announces the formation of a joint venture with Aboitiz Power Corporation, through its subsidiary Aboitiz Renewables. The company is one of the leading renewable energy providers in the Philippines.
A 90MW project
Mainstream Renewable states that the Libmanan project is located in the province of Camarines Sur in the Philippines. The final funding announcement will be made in 2023. In addition, the project will begin commercial operations in 2025
The joint venture leverages the combined expertise of Mainstream Renewable and Aboitiz Power’s commercial network. Thus, the latter aims to increase its renewable energy portfolio to 4,600MW by 2030. Mainstream Renewable will contribute to this ambition through the Libmanan onshore wind project and a future development pipeline.
A political will
The joint venture plays an important role in the Philippine government’s drive to increase the country’s renewable energy production. Its ambition is to produce 35% of its electricity from renewable sources by 2030, and 50% by 2040. The expansion of renewable energy plays an important role in the growth of the Philippine economy and electricity demand.
Mary Quaney, President and CEO of Mainstream Renewable Power, states:
“We are delighted to create this joint venture with AboitizPower to deliver our first wind farm in the Philippines. This is one of Mainstream’s priority markets in the region, and we are committed to partnering with AboitizPower to support the Philippines’ ambitious goal of reducing its greenhouse gas emissions by 75 percent by 2030.”
In addition, the Department of Energy recently approved an increase in annual renewable portfolio standards from 1 to 2.5%. This increase is in order to attract more investors and end-users in renewable energy.
