Macquarie unit to invest $1.2B in Laguna floating solar facility

SunAsia Energy’s floating solar pilot test bed in Bay, Laguna

Macquarie Capital, through Singapore-based Blue Leaf Energy Asia Pte Ltd., is investing at least $1.2 billion or about P68.3 billion in a 1,300-megawatt floating solar plant on Laguna Lake.

The solar facility will be jointly developed by Blue Leaf Energy and renewable energy firm SunAsia Energy Inc. and is scheduled to commence operations by 2024.

Oliver Lewis of Macquarie Capital signed a letter of intent, which formalized the investment commitment, on Sept. 7 during President Ferdinand Marcos Jr.’s state visit in Singapore and was also witnessed by the President’s economic team and several Singapore-based foreign investors.

In June last year, Blue Leaf Energy and SunAsia Energy signed a memorandum of agreement to jointly develop the solar facility.

Under the agreement,  the floating solar plant will be installed on the water surface of Laguna Lake spanning the cities of Calamba, Sta. Rosa and Cabuyao, and the towns of Bay and Victoria.

Macquarie, in a statement, said the first P2 billion of the funding would be made immediately available to the Laguna Lake Development Authority (LLDA) as soon as the construction of the project begins.

It will be earmarked for initiatives aimed at improving the lake’s water quality while promoting and accelerating the development and balanced growth of the Laguna Lake area and the surrounding provinces, cities and towns.

“This structure in Laguna Lake will be the biggest in Asia and is poised to become an engineering wonder in the world expected to attract a significant number of scientists and academics as well as local tourists,” said SunAsia Energy  in the same statement.

SunAsia noted that the Philippines has  been recording yellow alerts due to insufficient power reserves.

“With the injection of 1,300 MW of solar power into the system, rotating blackouts are expected to be mitigated, especially in the export processing zones in Laguna,” it added.

In the last two decades, Blue Leaf Energy developed, built and operated almost 2 gigawatts of solar capacity across the globe, including 250 MW in the Philippines and more than 500 MW in the Asia Pacific region.

SunAsia Energy, a developer of sustainable solar energy in the country, has since its inception in 2013  partnered with various entities to develop solar projects including the 60-MW Toledo solar project in Cebu and the 30-MW Dagupan solar project in Pangasinan.