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Korean company invests in solar plant

/ 06:41 AM June 03, 2015

A Korean-led company is set to build a solar power plant in Daanbantayan, Cebu.

The Department of Energy (DOE) has approved the application of CEKO Solar Farm Inc., a power generating company that also sells domestic solar power solutions, to reduce electricity charges and promote clean and sustainable energy, a company official said.

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“It is a 25-megawatt solar power plant in Tominjao and Pajo Daanbantayan. We signed the pre-development contract last April 27 in DOE,” president Jessie Tundag said in an interview.

Solar power projects cost at least $1 million per megawatt to build, according to industry benchmarks.

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The power facility will be built in a 50-hectare property.

CEKO Solar signed a memorandum of understanding with the local government on Oct. 18, 2014.

That was nearly a year after Typhoon Yolanda caused widespread damage in Daanbantayan, prompting the town government to seek investments for job generation.

Daanbantayan Mayor Augusto D. Corro said at the time that CEKO Solar, a commercial and retail player (Gaisano), and a hotel operator had expressed interest in the area. One big power firm from Luzon was said to consider a coal-fired power plant in Barangay Bateria.

The main sources of livelihood in Daanbantayan are farming and fishing for locals.

Tourism is also picking up in nearby Malapascua Island.

As of the last census after Yolanda, the local government recorded more than 100,000 residents in 21,500 households.

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CEKO Solar is located in Agro-Makro Cabangcalan, Mandaue City. The company was founded by Jessie and Mariecon Tundag, Jung-Hwa Lee, Yong-Soo Lee, Manueel Elemia, and Daniel Elemia.–Riza T. Olchondra

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TAGS: Cebu, CEKO Solar Farm, DoE, Energy, Korea, solar plant
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