Chinese investors, XIDIAN Holdings Philippines Corp. is set to shell out $500 million (P24.9 billion) for renewable energy projects in Ilocos Norte.
The Chinese group, with a Singapore – based consortium will establish 232 megawatts worth of wind and solar projects – the single-largest RE project by a developer in the country as of writing.
“Our projects will not only secure Luzon’s power needs but also help boost the Philippine economy by creating employment and livelihood opportunities,” XIADIAN Holdings managing director Zhang Peng said.
The project is part of Xidian Holding’s 500 MW RE investment portfolio which also includes eyed investments on hydroelectric projects, and set for completion in 2020.
The RE project construction is set to begin by March, as Xidian is currently polishing the engineering, procurement and construction contracts.
Xidian Holdings and the Singaporean consortium bought into Energy Logics Philippines, which holds solar and wind service contracts in Ilocos Norte, in December last year.
“We are very excited about opportunities in the Philippine power sector and we are very bullish of our investments under the Duterte administration,” Energy Logics president Jose Silvestre Natividad said.
The project is expected to generate about 2,000 jobs for the construction and 500 jobs in operation and maintenance.
This investment is an offshoot of President Rodrigo Duterte’s visit to China in October 2016.