Mainstream Renewable Power ("Mainstream"), the global pure-play renewable energy company, has signed two Wind Energy Service Contracts ("WESCs") with the Department of Energy ("DOE") in the Philippines for the development rights for two onshore wind farms with a combined capacity of 440 MW. The contracts represent Mainstream's first fully-owned WESCs in the Philippines and it is one of the first 100% foreign-owned companies to secure the contracts.
The contracts provide Mainstream with exclusive development rights for two onshore wind projects; the 100 MW Santa Ana Cagayan Wind Project located in the Municipality of Santa Ana, Cagayan Province and the 340 MW Panaon Wind Project located on Panaon Island in the Leyte Province. The projects, which have already commenced early-stage development activities, are approximately 500 km from the capital city, Manila.
Energy Secretary Raphael P.M. Lotilla at the Department of Energy said "With the Philippine economy now thriving, marked by good growth and optimistic forecasts, we are pleased with the positive response of foreign and local investors to pour in capital in our country's renewable energy sources. Mainstream will be bringing in financial muscle and technological heft to work with our world-class workers throughout the construction and operational phases of all these projects, which means more employment for our people and livelihood opportunities in these areas."
Commenting at the signing of the contracts in Manila, Eduardo Karlin, Mainstream's General Manager for APAC said "The award of these contracts represents an important milestone for Mainstream as we continue to grow our development footprint across the Philippines. We are committed to the Philippine market and are well-placed to be part of the country's energy transition and assist the government in reaching their targets of 35% renewable energy by 2030 and 50% by 2040."
Mainstream has developed strong links with the Norwegian Embassy in the Philippines through its majority shareholder Aker Horizons. The Norwegian Ambassador to the Philippines Christian Halaas Lyster said at the signing: "We are pleased to see Mainstream taking advantage of the DOE's efforts in creating conducive conditions for renewable energy development in the Philippines. Norway remains a committed partner to the Philippines in its shift to renewable energy."
Mainstream has been operational in the Philippines since 2017. Together with its joint venture partner, Aboitiz Power Corporation (AboitizPower), via its subsidiary Aboitiz Renewables Inc. (ARI), it plans to start construction on the 58.5 MW Camarines Sur wind farm in 2024. The project has secured an offtake contract through the Green Energy Auction Programme in 2023. Mainstream will continue to expand its portfolio in the Philippines through future service contracts.
About Mainstream Renewable Power
Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets, including in Europe, Latin America, Africa, and Asia-Pacific. Mainstream is one of the most successful developers of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and solar power generation. It has successfully delivered 6.6 GW of wind and solar generation assets to financial close-ready and has a global project portfolio of over 20.6 GW.
In 2021, Aker Horizons acquired a majority stake in Mainstream, and in 2022, Mitsui & Co., Ltd. joined Aker Horizons as a long-term strategic investor. In the same year, Aker Offshore Wind was integrated into the Mainstream Group.
Mainstream has raised more than EUR 3.0 billion in project finance to date and has a presence across five continents.
Mainstream has one of the largest renewable energy development pipelines in the Asia Pacific region, with onshore wind, offshore wind and solar projects across Vietnam, the Philippines, Australia and South Korea.
