Published on November 17th, 2014 | by Mridul Chadha0
SunEdison To Co-Develop 300 MW Solar Power Capacity In Philippines
November 17th, 2014 by Mridul Chadha
Missouri-based SunEdison recently announced that it entered into an agreement with Aboitiz Renewables, Inc, a subsidiary of Philippines-based Aboitiz Power Corporation to develop 300 MW solar power projects.
“Our deep knowledge of local markets, together with SunEdison’s proven track record and cutting edge technology, will enable us to rapidly achieve our goal,” said Erramon I. Aboitiz, chief executive officer, Aboitiz Power Corp.
The deal fits well in SunEdison’s aim to “to deploy cost-effective solar energy solutions to meet the growing power needs of developing and emerging power markets.” Last month, the company signed a landmark deal with an Indian state to develop 5 GW of solar power capacity over the next five years. The company also participated, successfully, in one of the solar power project auctions in another state in the country.
The Philippine government had earlier announced a plan to have over 15 GW of renewable energy capacity by 2030 to meet half of the country’s total electricity demand. The government has launched a number of programs to achieve this target. A new feed-in tariff regime was introduced which offered attractive tariffs for hydro, biomass, wind, and solar power projects.
The ambitious renewable energy expansion plan seems to be working, as several international stakeholders are showing interest in the prospective projects. Just last month, the country’s largest wind energy project secured a loan worth $315 million from a large group of national and international banks.