Urbasolar of France and SunAsia Energy will invest P9 billion ($204 million) to build 100 megawatts (MW) of solar-power plants in the Philippines.
The first phase is a 30-MW plant in Negros Occidental province, construction of which will start in June for completion before the end of the year, SunAsia Energy President Theresa Cruz-Capellan said in
an interview. Seventy percent of the project cost will be borrowed from state-owned Development Bank of the Philippines.
Electricity consumption in the Philippines, expected to be the world’s second-fastest-growing economy this year, jumped 50 percent in 10 years to 2012, outpacing a 16-percent increase in generating capacity.
Renewable energy, which includes solar and wind power, accounts for less than 1 percent of installed capacity, according to government data.
“Twelve hours of sunshine is an enormous energy resource to tap,” Capellan said by phone. “It’s our version of Saudi Arabia’s oil fields. You just need to build the plants to harness it.”