The solar scheme on Negros island is set to require total investments of 2 billion Philippine pesos, around US$38 million (Image credit: Marco Verch / Flickr)
Deal documents have been signed for the Philippines to add a utility-scale solar project towards the southwest, a plant set be deployed by a foreign construction player.
Government news agency PNA recently hailed the inking of a memorandum of agreement (MoA) for a 50MW solar project near Bacolod City, on the western island of Negros.
Rubberstamping the deal were South Korean firm TPC Construction Corp and local counterpart Amatera Renewable Energy Corp, which is to lease 74 hectares of land for 25 years.
TPC is now poised to start the search for investors to back the scheme in the Vista Alegre village, meant to cost 2 billion Philippine pesos (US$38 million, based on current rates).
Construction will start within a year and incorporate “Korea’s superior technology,” TPC’s president Charles Ji said in the government release.
“As a Korean, it was very difficult to do business in the Philippines, but I feel infinite pride in being able to do an MoA of solar energy business today,” Ji remarked at the signing ceremony.
“We will prepare thoroughly to ensure that construction and operation will not be disrupted,” TPC’s president added. Earlier statements indicate the promoters will hire locals during the building process.
The MoA signing follows the inking of a memorandum of understanding in February this year. On-site grid impact studies at the Vista Alegre property were green-lighted by the Philippine’s Department of Energy in 2016.
The 50MW project looks set to add a utility-scale boost to the Philippines’ solar PV market, said by IRENA to boast an installed capacity of 886MW last year.
So far this year, the island nation has marked progress with PV projects including Petrosolar’s 20MW scheme on Luzon Island, an extension to an already up-and-running 50MW installation.
Understanding bifacial’s true potential: technology innovation and technical bankability of bifacial
The deployment of bifacial PV technology is growing rapidly. It has proven to be the most effective solution to reduce levelised energy costs (LCOE) and increase the Investment Rate of Return (IRR) of PV systems, offering substantially improved energy yield compared to the use of standard mono-facial modules. Even though the concept is not new, it has been a niche technology for many years with uncertainties in predicting performance and optimizing installations. Today, bifacial technology is becoming mainstream, with capacity available at the multi-gigawatt scale and with corresponding global deployment of project pipelines. Join this webinar, presented by Andrea Viaro, as he discusses the award-winning Swan bifacial module with transparent backsheet from DuPont, its features, benefits and differences vs. standard glass-glass modules. Jinko Solar’s new bifacial technology innovations will also be highlighted, specifically covering profitability in deployment at utility-scale PV power plants. Andrea will be joined by Dr.Lars Podlowski who will give a comprehensive introduction to all aspects of bifacial PV technology, with a special focus on benefits and risks industry buyers and investors should pay attention to.
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability.