Macquarie-owned Blueleaf Energy Philippines is in advanced discussions for a term loan facility from a local bank to complete the NKS Solar One Project, a 250MW utility-scale floating solar initiative located in Caliraya and Lumot Lakes in Laguna. The project has been recognized as an Energy Project of National Significance by the Department of Energy (DOE).
Chris Chua, Investment Director of Blueleaf Energy Philippines told Power Philippines that funding for the planning and development of the NKS Solar One Project has been fully financed by its shareholders, while construction will be funded by a combination of project financing and equity.
“Obviously, there is bigger capital involved for construction,” he said. “We are getting a term loan facility from one of the major local banks in the Philippines to provide at least 70% to 75% of the amount needed. And then equity for the remaining balance. We’re also open for other investors who can add value to the project beyond funding.”
Chua, in an interview, said the company is looking to start construction in the next two months, as the local bank is now conducting due diligence.
NKS Solar One Project, a joint venture between Blueleaf Energy Philippines and NKS Energy Utilities, will commence construction this year, with commercial operations targeted within 2026. The project, located across Lake Caliraya and Lake Lumot in the municipalities of Cavinti, Kalayaan, and Lumban, will have a capacity of 220-to-250-megawatt peak (MWp).
Blueleaf Energy Philippines Senior Project Manager Pradeep Gopalakrishnan disclosed in December last year that the company was in discussions with Chinese firms Energy China and Xian Electric for the engineering, procurement, and construction of its NKS Solar One project.
Energy China, known for implementing a floating solar project on Singapore’s drinking water reservoir, was being considered to oversee the installation of solar panels, while Xian Electric, whose presence in the country spans 13 years, will manage the substation, which connects transmission and distribution lines.
Apart from the NKS Solar One project, Blueleaf Energy Philippines, together with its partner SunAsia Energy, is also pursuing a larger floating solar initiative on Laguna Lake, aimed at generating up to 1,300 MWp. The partnership with SunAsia will span five municipalities— Sta. Rosa, Cabuyao, Calamba, Bay, and Victoria—and is targeted to start construction by next year.
Both projects are poised to boost Luzon’s grid supply and contribute substantially to the Philippines’ renewable energy targets.
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