(Last Updated On: October 14, 2022)
Aboitiz Power subsidiary Aboitiz Renewables concluded a joint venture agreement to establish a 90MW project in Camarines Sur. The wind project has stemmed from Department of Energy approval to increase Renewable Energy projects standard from 1 percent to 2.5 percent bringing 35% total RE share in 2030.
The joint venture is being implemented through an investment agreement for ARI’s proposed acquisition of a 60% stake in the Libmanan onshore wind project, which Mainstream has been building since 2017. This arrangement is subject to regulatory approvals.
“This joint venture marks AboitizPower’s first foray into wind energy and underscores our aspiration to be a strong renewable energy partner,” Emmanuel V. Rubio, President and Chief Executive Officer of AboitizPower said.
“We are optimistic about the realization 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.”
The Philippine Government’s ambition is to generate 35% of all its electricity from renewables by 2030, and 50% 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 Program (GEAP). RE expansion is expected to play an important role in meeting the Philippines’ growing economy and electricity demand.
Aboitiz Power stock price stayed at 31.5 pesos per share.