Pure play RE firm strikes deal with major conglomerate

MANILA, Philippines — The group of a businessman who leads one of the country’s top engineering companies is on a roll as it looks to secure a partnership with another formidable conglomerate.

Industry sources told The STAR that the group, through its pure-play renewable energy platform, is cooking a deal with a conglomerate’s energy unit for a 50-50 joint venture.

The joint venture will put up a new 150-megawatt solar project in Luzon.

The group of the said businessman recently partnered with a major conglomerate which intends to increase its footprint in the renewable energy sector.

It also has an existing 50-50 joint venture with the energy platform of another big conglomerate for a now-operational solar plant in Luzon.

According to the sources, its new partner for the upcoming solar project is one of the largest power companies in the Philippines, which is also keen expanding its renewable energy portfolio to support the growing power requirements of the country.

As a major power player and part of a formidable conglomerate, the partner company is investing heavily on development of battery energy storage systems across the country.