Armstrong Asset Management and developer nv vogt have agreed a deal to build a 6.25MW merchant PV plant in the Philippines.
The project will be the first in a pipeline of projects being developed by nv vogt in which Armstrong has agreed to invest US$29 million.
Nv vogt is a Singapore-based joint venture between India's APCA Power and Germany's ib vogt, headed by Anton Milner, the co-founder of manufacutrer Q Cells.
“With the projected power deficit forecast for 2015 in the Philippines, this project can serve as a benchmark for clean and quick decentralised energy solutions without the need for government subsidies. Armstrong is very proud to be funding this precedent setting project,” said Andrew Affleck, managing partner for Armstrong in Singapore.
The South Cotabato project has agreed a PPA with South Cotabato I Electric Cooperative. All of the power generated will displace diesel generation.
Milner, who chairs the nv vogt subsidiary, said the company had a “bullish view” of the prospect for PV in Southeast Asia.
“We believe solar power is a compelling need as well as attractive opportunity in the developing markets of Asia. Our first project in the Philippines is doubly important because it will provide clean and unsubsidised solar PV electricity benefitting the wider community and it is one of the largest diesel-offset projects in the world to date, which is an important future market,” Milner said.