Aboitiz Power, a wholly-owned subsidiary of Philippine company Luzon Hydro, and US-based solar developer SunEdison are to build two solar power projects with a combined capacity of up to 100 megawatts (MW) this year.
The joint venture is to develop the projects in Luzon and on Negros Island, Business World Online has reported. The projects are to mark the first formal venture of Aboitiz into solar energy.
According to Manuel R. Lozano, the first vice president and chief finance officer of AboitizPower, the joint venture hopes to start operating a few projects by next March.
The JV hopes to begin work on the projects by July.
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“If we can get good projects then we’ll do them simultaneously. We’re constrained by time so we need to finish the deal and have the EPC (engineering, procurement and construction) contractor and financing ready,” Lozano said.
He added that the company was in talks with lenders to generate funds for the projects.
Besides the solar power projects Aboitiz Power is also to develop several run-of-river hydro plants, a potential pump storage for SN Aboitiz Power Group and several geothermal projects around the Philippines.
Ajith Kumar S