Aboitiz Power Corp. said its renewable energy subsidiary has secured a P6.1 billion project finance facility from Bank of the Philippine Islands, the country’s 4th largest lender by assets, to fund the construction of a new wind power project in southern Luzon.
The listed energy generation and distribution arm of the Aboitiz Group said the loan was extended to Cornerstone Energy Development Inc., a wholly owned subsidiary of Aboitiz Renewables Inc., for the development of a 58.5 megawatt onshore wind farm in Libmanan, Camarines Sur.
The project forms part of AboitizPower’s broader strategy to expand its renewable energy capacity as the company accelerates investments in cleaner power sources.
Aboitiz Renewables serves as the platform for the group’s investments in clean energy technologies including geothermal, large hydro, run of river hydro, wind, solar and battery energy storage systems.
The Libmanan wind project adds to the company’s pipeline of renewable developments as power producers ramp up capacity to meet growing electricity demand while supporting the country’s energy transition.
The Philippines aims to increase the share of renewable energy in its power generation mix to 35 percent by 2030 and to 50 percent by 2040, a target that has prompted major utilities and energy firms to accelerate investments in wind, solar and other clean energy sources.
Once operational, the Camarines Sur wind facility is expected to add new renewable capacity to the Luzon grid and help strengthen electricity supply in the Bicol region, an area increasingly seen as promising for wind energy development.
