SunAsia, Blueleaf investing $1.7 billion for floating solar projects

MANILA, Philippines — SunAsia Energy Inc. and its partner, Singapore-headquartered Blueleaf Energy, plan to invest as much as $1.7 billion in  the development of 1.3 gigawatt-peak floating solar projects in the country.

The two companies have successfully secured solar energy operating contracts from the Department of Energy (DOE).

The DOE turned over to the companies the solar energy operating contracts with a combined capacity of 610.5-megawatt (MW) for the construction of its large-scale floating solar projects.

The solar facilities will be installed on the water surface of Laguna Lake, spanning the growing cities of Calamba, Sta Rosa, and Cabuyao and the towns of Bay and Victoria.

Each contract has a 25-year operating period, the DOE said.

“This is the first phase of six service contracts and we’ll be coming back for another four service contracts which will be issued very quickly,” Natarajan said.

SunAsia Energy president and CEO Tetchi Capellan said they target to start construction of the projects by 2025, with development to take about a year.

SunAsia Energy is a Filipino company developing sustainable solar energy in the country since 2013.

Its partner Blueleaf Energy is a stand-alone portfolio company of Macquarie’s Green Investment Group, which developed and built almost two GW of solar capacity across the globe, including 250 MW in the Philippines.

During the state visit of President Marcos in Singapore in September last year, Blueleaf Energy signed a letter of intent to increase its sustainable infrastructure investment commitment in the Philippines.

“The awarding of these contracts accelerates the implementation of the thrust of President Ferdinand Marcos Jr. to develop indigenous and renewable sources of energy,” Energy Secretary Raphael Lotilla said.

“It also represents an additional strategic investment and a firm commitment to strengthen the country’s renewable energy sector, especially the commercialization of floating solar as an emerging technology,” he said.

Lotilla said the floating solar projects would provide cost-effective renewable energy production without having to occupy usable land mass that could otherwise be used for other important sectors such as agriculture.