Clime Capital to invest up to USD 10m in Philippine solar firm UGEP
Sep 11, 2024 14:25 CESTMainstream Renewable Power on Monday unveiled contracts with the Philippine government enabling the construction of two onshore wind farms in the archipelago totalling 440 MW.
The wind energy service contracts (WESCs) regarding the exclusive development rights for both projects were signed with the Philippine Department of Energy.
The Dublin-based renewables pure-player will build the 100-MW Santa Ana Cagayan wind farm in the namesake municipality of Cagayan Province, Luzon Island, and the 340-MW Panaon complex on Panaon Island in the Leyte Province. Early-stage development activities have already begun for each of the two projects.
“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,” said Eduardo Karlin, Mainstream’s general manager for APAC.
Mainstream noted the new contracts are its first fully-owned WESCs in the Asian country, where it has several projects with its joint venture partner Aboitiz Power. It teamed up with the local power producer at end-2022 and is preparing to break ground on a 58.5-MW wind project this year under that partnership.
Clime Capital to invest up to USD 10m in Philippine solar firm UGEP
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