Independent power producer Nexif Energy has secured a ten-year power supply agreement (PSA) for a 75MWp solar plant to be constructed in the Philippines.
The deal will see SN Aboitiz Power (SNAP), a joint venture between Philippine utility Aboitiz Power and renewables developer Scatec, purchase most of the electricity and green certificates generated by Nexif’s Calabanga solar farm in the Camarines Sur province.
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Singapore-headquartered Nexif said its PSA approach is a solution to support new solar deployment in the Philippines, which is said to have been slow since the country’s feed-in tariff for new projects ended in 2016.
“This PSA with SNAP proves that well-developed renewable energy projects in the Philippines have an additional avenue for power sales through supporting electricity retailers in the contestable market,” said Nexif Energy co-CEO Surender Singh.
Nexif has entered into EPC and O&M contracts with PowerChina Huadong Engineering Corporation and PowerChina Philippines Corporation for the construction and maintenance of the Calabanga project, which is expected to be completed in the fourth quarter of 2022.
Nexif said it is aiming to replicate its approach at Calabanga for future projects in the Philippines such as a 150MWp solar farm under development in the Western Visayas region.