AboitizPower unit taps P3.7B loan for solar energy project
MANILA, Philippines – San Carlos Sun Power Incorporated (SACASUN) has tapped BDO Unibank for P3.7 billion ($78.25 million) to finance its solar power project in Negros Occidental.
SACASUN is the joint venture company between SunEdison Philippines Helios BV and Aboitiz Renewables Incorporated, the holding company of Aboitiz Power Corporation's investments in renewable energy.
SACASUN said on Friday, December 11, that it signed an omnibus loan and security agreement with BDO Unibank Incorporated to secure the financing for its project.
The proceeds of the loan will be used to finance the construction, development, and operation of SACASUN's 59-megawatt (MW) solar photovoltaic power generation facility located at San Carlos City, Negros Occidental.
This is AboitizPower and SunEdison’s first joint solar power project since they struck a deal in November 2014 to explore, develop, construct, and operate up to 300 MW of utility-scale solar photovoltaic power generation projects in the Philippines over the next 3 years. (READ: AboitizPower, SunEdison to develop solar energy projects)
Both have engaged Nari Group Corporation as engineering, procurement, and construction (EPC) contractor. The Nari Group has successfully completed more than 30 projects in the Philippines.
AboitizPower said the Negros solar energy project is set for commercial operations in the first quarter of 2016 and will be one of the largest solar power projects in the Philippines.
AboitizPower President Antonio Moraza said the project is in support of the call of government to maximize the renewable energy potential of the country.
"AboitizPower is one of the biggest renewable energy producers in the country and we will continue to expand this capacity. This project is a testament to that commitment,” Moraza said.
AboitizPower and its partners currently produce a total 3,044 MW of power, 40% of which are coming from its Cleanergy portfolio made up of hydro and geothermal power plants.
Along with its partners, the company is committed to increase its total capacity by over 2,000 MW in the next 5 years. Currently, it is expanding its renewable energy portfolio to solar and geothermal as aligned with its plans to provide the country with the right energy mix.
On top of the 300 MW solar projects with SunEdison in the medium term, AboitizPower is also eyeing to develop 200 MW in potential run-of-river power projects located across the country. – Rappler.com
$1 = P47.28
Photovoltaic cells image from Shuttestock