GreenHeat allocating P2B for rooftop solar projects

Photo from Green Heat Corporation/FACEBOOK

Clean energy producer GreenHeat expects to roll out P2 billion worth of rooftop solar projects in the next 18 months, with this pandemic-induced shift receiving continued interest from both commercial and household customers.

At a briefing Tuesday, GreenHeat director Glenn Tong said the company was negotiating with several companies for solar photovoltaic (PV) rooftop installations. Without naming the firms, the official said potential clients are “large enterprises with multiple sites and interests in different areas.”

The traction GreenHeat was seeing for solar rooftops was not concentrated in Metro Manila, he said.

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The earmarked P2 billion, Tong noted, could increase the company’s installed capacity by 100 megawatts (MW) more. Currently, GreenHeat has an operating capacity of 40 to 50 MW.

Asked which market is its strongest, Tong said GreenHeat’s performance is fueled by direct business-to-business sales, as investing in solar panels could reduce their power bills by 25 percent to 30 percent in the first four years.

“In the long term, you have free power for X amount of years… I think Filipinos are practical people, much more if you’re a big businessman. And so we tend to work directly with the big users because we think that’s where they’ll get the most benefit and best time for that,” he told reporters.

He said about 10 percent of its client base is from the retail sector. GreenHeat was previously tapped by retail giant SM, Landers Superstores, and Wilcon Depot.

“I think it will grow, because it’s become much more mainstream, and a lot of people trust the technology now,” the official said.

Tong bared that GreenHeat was also in discussion with SM for the possible expansion of their earlier partnership.

To make solar PV solutions more accessible, GreenHeat has also partnered with major banks like BDO, BPI, and Security Bank to provide financing options to customers.

Just like other renewables firms, one of the issues facing GreenHeat includes permitting processes, Tong said.