A 206-megawatt wind power facility will rise in Northern Samar as three renewable energy (RE) firms will collaborate to undertake the project.
In a disclosure to the Philippine Stocks Exchange index (PSEi) Wednesday, Vivant Energy Corp. said it entered into a joint venture agreement with Aboitiz Renewables, Inc. (ARI) and Vena Energy for the San Isidro Wind Power Project, in the municipality of San Isidro in Northern Samar.
Aboitiz Power Corp. also mentioned to energy reporters in a Viber message that the joint venture of ARI, Vivant, and Vena will be called Lihangin Wind Energy Corp.
'Total project cost is still being determined by the parties,' Aboitiz Power said.
The companies expect to reach a financial close within the third quarter of the year.
'We welcome this opportunity to partner with two leaders in renewable energy development which share our vision of helping the country attain energy security while promoting renewable energy and contributing to countrywide development,' Vivant Energy president and chief operating officer Emil Andre Garcia said.
The newly formed company will start to construct the wind power project in November this year, and commercial operation will be targeted by the first quarter of 2025.
The wind project will contribute to the government's goal of achieving 35 percent renewables share in the energy mix by 2030.
ARI president and chief operating officer James Arnold Villaroman said the partnership with Vivant and Vena aligns with its target of building a renewables capacity of 4,600 MW and contributing to its 10-year strategy of achieving a 50:50 balance in RE and thermal portfolios.
'This project is a significant boost in AboitizPower's wind energy portfolio, contributing to a well-managed and just energy transition. We are eager to complete this project to help address the energy needs of the country,' AboitizPower president and chief executive officer Emmanuel Rubio added.