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.