Mainstream and AboitizPower enter JV for initial 90 MW wind project

Mainstream CEO Mary Quaney and Emmanuel V. Rubio, Chief Executive of AboitizPower, expect the partnership to help deliver on the Philippines’ energy transition ambitions

James Arnold Villaroman, Chief Executive Officer of ARI, said: “We are excited to partner with Mainstream, given our shared aspiration of growing the Philippine renewable energy generation portfolio in the years to come. This is the beginning of an exciting new era for AboitizPower, through ARI, 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.”

The joint venture, which is subject to regulatory approvals, is being delivered through an investment agreement for ARI’s proposed acquisition of a 60 percent stake in the Libmanan onshore wind project, which Mainstream has been developing since 2017 with its local partner.

Early this month, in a bid to draw more investors and end-users in renewable energy, the Department of Energy approved an increase in the yearly renewable portfolio standards from one percent to 2.5 percent .

The Philippine Government’s ambition is to generate 35 percent of all its electricity from renewables by 2030, and 50 per cent by 2040. The country has multiple strategies to achieve its targets including the Green Energy Option Program (GEOP), Renewable Portfolio Standard (RPS) and the recently launched Green Energy Auction Programme (GEAP). Renewable energy expansion is expected to play an important role in meeting the Philippines’ growing economy and electricity demand.

About AboitizPower

AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services. It advances business and communities by providing reliable and ample power supply at a reasonable and competitive price, and with the least adverse effects on the environment and host communities.

The company is one of the largest power producers in the Philippines with a balanced portfolio of assets located across the country. It is a major producer of Cleanergy, the company’s brand for clean and renewable energy, with several hydroelectric, geothermal and solar power generation facilities. It also has thermal power plants in its generation portfolio to support the country’s baseload and peak energy demands.

The company also owns distribution utilities that operate in high-growth areas in Luzon, Visayas and Mindanao, including the country’s second- and third-largest private utilities.

AboitizPower, together with its partners, is the Philippines’ largest owner and operator of renewable energy based on installed capacity. In the next 10 years, the company will significantly expand its Cleanergy portfolio, in support of the government’s efforts to promote renewable energy in the country. AboitizPower will build an additional 3,700 MW of renewable energy, growing its existing Cleanergy capacity threefold by 2030. Find out more on the company’s corporate website.