Local firm Jobin-SQM Inc. is investing $200 million (roughly P8.8 billion) in renewable energy facilities in Zambales, the Subic Bay Metropolitan Authority (SBMA) reported Monday.
In a statement, the SBMA said it had signed a memorandum of agreement reserving an 800-hectare property on Mt. Sta. Rita, where Jobin SQM is expected to put up facilities that could generate 20 megawatts from solar energy and 50 MW from wind resources.
According to SBMA Chair Roberto Garcia, Jobin-SQM has met the requirements set by the Department of Energy (DOE).
Jobin-SQM stockholder Thomas Garcia said the commercial operations were expected to start in June 2016.
SBMA said the renewable energy project had been in the pipeline since 2011 when Jobin entered into a joint venture agreement (JVA) with Hydrochina International Engineering Co. Ltd. (HIECL).
This proposed energy facility was formally committed during President Aquino’s state visit to China in September 2011.