PINAI fund hikes investment in solar

THE PHILIPPINE Investment Alliance for Infrastructure (PINAI) fund managed by Macquarie Infrastructure and Real Assets (MIRA) has completed its second solar plant investment.

It bought a majority stake in Negros Island Solar Power (islaSol) from Bronzeoak Philippines, a pioneering renewable energy firm.

Bronzeoak Philippines, the developer of islaSol, remains a shareholder and the operator of the solar power plant.

The islaSol deal brings PINAI’s Philippine solar assets to 125 megawatts.

IslaSol adds 80 MW to PINAI’s first 45 MW transaction, which was the purchase of San Carlos Solar Energy (Sacasol) in September.

The islaSol project comprises two solar farms in Negros Occidental, with 32 MW located in La Carlota and 48 MW in Manapla.

Both plants are under construction and scheduled for completion in early 2016.

“PINAI’s acquisition of islaSol represents the fund’s strong commitment to building the country’s clean energy infrastructure,” Bronzeoak Philippines president Jose Maria P. Zabaleta said.

Construction at islaSol’s sites started in August 2015. When connected, the farms are anticipated to supply over 120,000 Kwh of daytime peak power to the Luzon-Visayas grid. Both plants are scheduled for completion in early 2016, and estimated to deliver electricity to some 200,000 homes across the region.

PINAI’s investors include the Government Service Insurance System (GSIS), Asian Development Bank (ADB), APG Asset Management (APG) and Macquarie.