Mainstream Renewable Power has signed a joint venture agreement with Aboitiz Power Corporation, via its subsidiary Aboitiz Renewables Inc (ARI), to initially deliver the 90 MW Libmanan onshore wind project that is located in the Camarines Sur Province of Philippines.
The joint venture will play a leading role in the Philippine government’s drive to increase renewable generation in the country via the rapid expansion of its portfolio of wind and solar assets. AboitizPower has a stated goal 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. The joint venture is being delivered through an investment agreement for ARI’s proposed acquisition of a 60 per cent stake in the Libmanan onshore wind project, which the company has been developing since 2017 with its local partner.