Korean firm to invest $160 million in 2 solar power plants in Phl

MANILA, Philippines - Youil Ensys, one of South Korea’s largest renewable and engineering power firms, is looking at investing some $160 million into the country’s solar power industry.

Scott Kim, Youil chief executive officer, told reporters over the weekend that its local office, Youil Renewable Energy Corp., will be putting up two solar farm facilities in Negros and Bohol.

He said they plan to construct a 30- megawatt solar power facility in a 70-hectare land in Negros with a project cost of about $120 million.

Another 10 MW is also being eyed by the company in Bohol with an estimated cost of $40 million.

Kim said they expect to put up these plants within six months after securing all necessary approvals.

But he said they would still be waiting for the approval of a feed-in tariff (FIT) before pushing through with these projects.

FIT offers guaranteed payments to renewable energy developers over a period of time.

This is the first time that Youil, a publicy-listed company in Korea, will invest in the Philippines.

Youil Ensys primarily operates in the environmental engineering industry. The company builds and operates solar energy plants. It was founded in 1980 and has headquarter in Hwasung, South Korea.

Kim said they are optimistic that the Philippine government will be able to resolve the FIT issues.

He said the Philippines would be the fourth country in Asia to adopt the FIT next to Korea, Malaysia and Thailand. FIT is also being carried out in Spain, Germany and Canada.