China-based Nari Group has signed an EPC contract to build the 59 MW Negros Solar Farm. Jointly developed by SunEdison and Aboitiz, it is expected to be one of the largest projects of its kind when complete in the first quarter of next year.
Located near San Carlos City, Negros Occidental, Php 3.5-billion (around US$75 million) is being invested in the project. According to an SEC filing on August 18 by Aboitiz Power, subsidiary, Aboitiz Renewables, Inc. created a joint venture company with SunEdison Philippines Helios BV, Maaraw Holdings San Carlos, Inc., to undertake the acquisition and development of the project. Aboitiz holds a 60% stake in Maaraw, while SunEdison holds the remaining 40%.
Last November, SunEdison and Aboitiz Power said they would jointly develop 300 MW of solar PV projects in the Philippines. At the time, SunEdison said the projects would be sold to a yieldco vehicle. It declined to mention which, however.