MANILA, Philippines — Blueleaf Energy Philippines, a portfolio company of Australia-based Macquarie’s Green Investment Group, is investing $1.5 billion in building a massive floating solar portfolio in Laguna.
The company has teamed up with two local partners, NKS Energy Utilities and SunAsia Energy, to develop two solar projects with a combined capacity of 1,500 megawatts (MW).
Its project with NKS Energy Utilities will be situated on Lake Caliraya and Lake Lumot, which would generate up to 250 MW. Construction works may begin by the last quarter of the year, with its commercial operations eyed by early 2026.
Blueleaf Energy’s solar project with SunAsia Energy is expected to generate up to 1,300 MW. It will be constructed on Laguna de Bay starting next year and is expected to go online by 2026.
READ: SunAsia, Blueleaf investing $1.7B in floating solar project on Laguna Lake
“I think we’re looking at an overall investment for these projects of around $1.5 billion,” Blueleaf Energy president Chris Chua said at a media roundtable in Ortigas City on Thursday.
He noted that the project requires more capital, or “close to a million dollars” per megawatt, compared to ground-mounted solar’s $800,000 per megawatt.
Challenges and advantages
On challenges in building and operating a floating solar facility, Chua said they are considering worst-case scenarios in designing the project, with weather, water depth, and local conditions as the top factors.
“When there’s a typhoon or very strong winds or waves, then it’s a little bit more challenging to operate and maintain. And, of course, if we have a high standard in terms of health and safety, that’s also another challenge. So, we have to make sure that we set the proper standards before we even operate,” the official said.
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Blueleaf said establishing a floating solar plant offers advantages: no land preparation is required; reduced light entering the water can create a habitat; proven technology that is compatible with power grids; and fast and easy to construct.
The firm said the two solar projects could beef up the Luzon grid and help the government hit its renewable energy targets.
President Marcos has long been pushing for more investments in renewable energy to cater to the Filipinos’ increasing demand for electricity and shift to clean sources of power.
Marcos earlier stressed that the current administration’s strong push for renewables “lies at the very core of the eight-point socioeconomic agenda as well as our commitment to mitigate the impact of climate change and to combat other environmental threats.” INQ