Many companies are currently ramping up the development and construction of several large-scale solar projects nationwide ever since the Philippine government has unveiled renewable energy investment opportunities in recent months with the aim to install 15 GW of clean energy in 2030. A total of 13.2 GW of solar capacity projects is on the pipeline by end of June 2020. A list of projects in the pipeline can be found at www.evoss.ph/Home/Download/4227
The most notable solar energy development so far is from Solar Philippines which is currently seeking off-takers for its giant project, a total of 1GW solar plant to be dividedly developed in the provinces of Batangas, Cavite, Nueva Ecija, and Tarlac. The company has announced that the first phase of the 500 MW solar project, set to be the largest facility when completed, a 250 MW capacity solar plant will be constructed soon in Peñaranda, Nueva Ecija (Central Luzon), and another 250 MW in the same area to be developed at a later stage. When accomplished, both projects can sell power output on the spot market and supplement the country’s thinning energy reserves that brought outages that affected consumers, especially during the summer season.
One of the key frontrunners in renewable energy development in the Philippines, AC Energy, has recently lent a PHP 1 billion loan (USD 19.81 million) to one of the subsidiaries of Solar Philippines, Provincia Investment, to develop solar power projects in the country in exchange of mortgaging to AC Energy the company’s real assets and its parent’s stake in one of its fully-owned subsidiaries. Earlier in 2021, AC Energy took over another unit of Solar Philippines that develops and operates solar plants in Central Luzon.
AC Energy is now in the process of offloading its coal projects and divesting to clean energy targeting to become Southeast Asia’s largest renewables producer by 2025. It earlier announced that it would finance the construction of two new solar plants cumulatively worth PHP 6.1 billion (USD 120.85 million) in Central Luzon that would generate a combined energy output of 150 megawatts (MW) by 2022. The company is also investing in wind power in Vietnam, Indonesia, India, Myanmar, as well as Australia.
(Sources: Business World; PV Magazine)