Filipino renewables developer Solar Philippines this morning announced it will finance the first 225 MW of generation capacity at a planned more-than-500 MW project on the island of Luzon by floating the project company which is preparing the plant.
The parent company will take advantage of a ruling laid down by the Philippine Stock Exchange (PSE) in 2011 that permits renewable energy projects to be the subject of an initial public offering (IPO) at the development stage, provided they meet criteria such as holding a service contract from the Department of Energy.
Solar and sustainability
Via the UP Initiative, pv magazine is diving deep into the topic of what it means to be truly sustainable in the solar industry; looking at what is already being done and discussing areas for improvement. Quarterly themes have thus far covered the use of lead in solar, raw material sourcing for batteries, green finance, circular manufacturing, PV module recycling, agriPV, and workers’ rights. Contact email@example.com to learn more.
“The PSE showed great foresight in creating this program for RE [renewable energy] companies,” said Solar Philippines founder Leandro Leviste, quoted in a press release issued by the company today. “Through this offering, we hope to give the public a new option to invest in RE, and expand RE in the Philippines.”
The developer did not reveal how much it hopes to raise from the planned IPO, stating only that the proceeds would fund the initial, 225 MW phase of a project its backer has predicted will be the biggest in South East Asia.
That first stage, said Solar Philippines, would already constitute the nation's largest solar field, with plans to extend capacity to 500 MW through “further financing,” in future, and to eventually expand the project even more, “beyond this capacity.”
The developer said it hopes to begin construction at the former ranch site in Peñaranda, in the province of Nueva Ecija, this year, with the project “operational,” with an unspecified generation capacity, next year.
Solar Philippines added, the Nueva Ecija facility is one of five large solar plants it hopes to install next year, alongside a 63 MW project in Batangas being developed with utility the Korea Electric Power Company; a 200 MW field at Tarlac taking shape with the Prime Infra business of port handling magnate Enrique K Razon Jr; and two further arrays, with a combined generation capacity of 140 MW, planned in Batangas and Cavite.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.