Renewable energy company Mainstream Renewable Power has signed a joint venture deal with Aboitiz Power Corporation, via its subsidiary Aboitiz Renewables, in the Philippines.
The deal will see the delivery of the 90 MW Libmanan onshore wind project located in the Camarines Sur Province in the country.
The joint venture combines Mainstream's global renewables development expertise and track record and AboitizPower's extensive local expertise and business network.
The new offshore wind project will play a leading role in the Philippine government's efforts to increase renewable generation in the country via the rapid expansion of its portfolio of wind and solar assets.
AboitizPower is aiming to grow its renewables portfolio to 4,600 MW by the end of the decade and Mainstream is contributing to this via the Libmanan onshore wind project as well as a future development pipeline.
The 90 MW Libmanan onshore wind project is expected to reach financial close in 2023 and achieve commercial operations in 2025.
Mary Quaney, chief executive of Mainstream Renewable Power, said the company was delighted to enter a joint venture with AboitizPower to deliver the Philippines's first wind farm.
"This is one of Mainstream's priority markets in the region and we are committed to working in partnership with AboitizPower to support the Philippines' ambitious target to cut its greenhouse gas emissions by 75% by 2030," she said.
Emmanuel V Rubio, chief executive of AboitizPower, said the joint venture marks AboitizPower's first foray into wind energy and underscores its aspiration to be a strong renewable energy partner.
"We are optimistic about the realisation 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," he added.
