SUNASIA Energy Inc. and Singapore-headquartered Blueleaf Energy are investing $1.5 billion to $1.7 billion in large-scale floating solar projects on Laguna Lake.
SunAsia Energy Inc. and Blueleaf Energy have been awarded by the Department of Energy (DOE) six Solar Energy Operating Contracts (SEOC) with a combined capacity of 610.5 megawatts (MW) for the solar facilities to be installed on the water surface of Laguna Lake, spanning the growing cities of Calamba, Sta Rosa, and Cabuyao and the towns of Bay and Victoria. Each contract has a 25-year operating period.
BlueLeaf Energy Chief Executive Officer Raghuram Natarajan said the set of six SEOC forms part of its total planned investment projects worth “1.5 to 1.7 billion dollars of investment capital.”
“These projects, in total, are 10 service contracts which could be around 1.3 gigawatts (GW) in terms of capacity. This is the first phase of six service contracts and we will be coming back for four more service contracts which will be issued very quickly,” added Natarajan.
DOE Secretary Raphael Lotilla awarded the SEOCs on Wednesday afternoon. He was joined by SunAsia Energy President Tetchi Capellan and Natarajan at the turnover.
To date, DOE has awarded a total of 237 solar energy contracts with an aggregate installed capacity of 1,282 MW and potential capacity of 21,452 MW. These have generated around P8.46 billion investments for the country.
“The awarding of these contracts accelerates the implementation of the thrust of President Ferdinand Marcos, Jr. to develop indigenous and renewable sources of energy. It also represents an additional strategic investment and a firm commitment to strengthen the country’s renewable energy sector, especially the commercialization of floating solar as an emerging technology,” Lotilla said.
In September last year, during the state visit of President Ferdinand Marcos, Jr. to Singapore, Blueleaf Energy signed a Letter of Intent to increase its sustainable infrastructure investment commitment in the Philippines.
Lotilla said these floating solar projects would provide cost-effective renewable energy production without having to occupy usable land mass that could otherwise be used for other important sectors such as agriculture.
Solar energy is a rapidly developing sector in the country, with increasing interest and investment in recent years. This may be attributed to the country’s abundant solar irradiation throughout the year, making it an ideal location for the development of solar projects.
Image credits: blueleafenergy.com