SunEdison and partner Aboitiz Power have taken a major step towards fulfilling their target to add 300 MW of solar power capacity in the Philippines.
SunEdison and Aboitiz Power have selected China’s Nari Group to set up a 59 MW solar photovoltaic (PV) power plant located in Negros Occidental. The project would be one of the largest projects of its kind when it become operational in Q1 2016.
A subsidiary of Aboitiz Power, Aboitiz Renewables, and SunEdison Philippines Helios BV formed a joint venture company to set up solar power projects in the southeast Asian country. The joint venture – Maaraw Holdings San Carlos – will invest around $75 million in the project.
Aboitiz Power owns a 60% stake in the joint venture, while the balance is owned by SunEdison Philippines Helios BV.
The two companies announced last year that they would collaborate on setting up 300 MW of solar capacity in the country.
The Philippine government had earlier announced a plan to have over 15 GW of renewable energy capacity by 2030 to meet half of the country’s total electricity demand. The government has launched a number of programs to achieve this target. A new feed-in tariff regime was introduced which offered attractive tariffs for hydro, biomass, wind, and solar power projects.
Over the last few months, the Philippine renewable energy sector has seen increased activity with domestic as well as international investors and companies rushing to make investments.
In June, real estate developer Gregorio Araneta announced that it will set up a 100 MW solar PV power plant in Cadiz city, at an estimated investment of $175 million. First Solar signed an agreement with OrionGroup to set up a joint venture company, FSO Energy Solutions, which will set up large-scale solar power projects to cater to the power demand of commercial and industrial entities in Philippines.
