‘Green’ investors sink in P9B for solar power plants
A consortium of European “green” investors led by Urbasolar of France will invest P9 billion to build solar power plants in the Philippines, according to its local partner SunAsia Energy.
SunAsia Energy president Tetchi Cruz-Capellan said the partners would aim for 100 megawatts (MW) in capacity and will start by investing in a 30-MW solar power station in Victoria, Negros Occidental. Construction will start in June and may be completed by end-2015.
The construction will be in partnership with Miescor and Development Bank of the Philippines, Capellan said.
VictoriaSolar Energy, which is headed by Rey Bantug, owner of the biggest ethanol plant in the Philippines, will provide local strategic leadership because of its experience in renewable energy business, particularly solar energy.
Electricity consumption in the Philippines, expected to be the world’s second fastest growing economy this year, jumped by 50 percent in the 10 years to 2012, outpacing a 16-percent increase in generating capacity.
Capellan said the local solar power developer began working with Urbasolar in September last year following the state visit of President Aquino to France.
“The European roadshow opened the doors for French investors to look closely at the emerging market in the Philippines, and heed the government call to add capacity in the electricity market with the deployment of clean energy,” Capellan said.
This year, Montpellier-based Urbasolar joined the business delegation of French President Francoise Hollandae to affirm their global commitment to reduce greenhouse gas emissions and mitigate climate change.
Urbasolar considers the provisions in the Philippine Renewable Energy Law as an opportunity for green investments in Asia, Capellan said. She explained that the policy environment created by the increased solar installation in the country, totaling 500 MW so far, plus growth of the economy and increased energy demand, made the Philippines attractive as an investment site for Urbasolar.
Adding 100 MW of solar energy into the generation mix of the Philippines, said Capellan, would help avoid significant carbon emissions.
“Twelve hours of sunshine is an enormous energy resource to tap,” Capellan said, referring to the generally sunny weather in the Philippines.
Urbasolar is said to enjoy 11 percent market share in the French solar space and covers all aspects of the value chain in the photovoltaic industry.
