Local solar developer SunAsia Energy has partnered with Singapore-based Blueleaf Energy, a company under Australian investment bank Macquarie’s Green Investment Group, for the development of 1,250 megawatts (MW) of solar projects in Luzon.
The joint venture deal coincides with the Philippines’ forecast growth in solar energy market as it targets to deliver an additional ten gigawatts of solar energy by 2030, which contributes to the country’s renewable energy (RE) goals. The Department of Energy projects solar to make up 35.4% of the country’s energy mix by then, nine times more than the current four percent.
“With Blueleaf Energy as our partner, we are in a stronger position today in helping the industry attain the renewable energy targets set by the implementation of the country’s Renewable Portfolio Standards (RPS),” SunAsia CEO Techi Capellan said in a statement.
RPS, a mechanism under Republic Act 9513 or the RE Act of 2008, requires distribution utilities, electric cooperatives, and retail electricity suppliers to source a percentage of electricity requirements of RE sources.
“This cooperation raises the bar of project development work in the country as the partnership offers the renewable energy market innovative solar solutions that are both viable and appropriate to local conditions,” Capellan further said.
The projects are still in co-development stage, with construction scheduled to start next year.
“We are pleased to partner with SunAsia to drive forward [the] Philippines’ green energy transition. This marks another milestone as we partner with reliable, strategic local developers to expand the solar industry across Asia,” said Blueleaf Energy Interim CEO Sol Proops.
Blueleaf Energy has specialization in the development, financing, construction, and operation of both utility-scale solar projects and technology deployments for commercial and industrial installations in the Asia Pacific region.
Established in 2013, SunAsia has worked with partners in delivering a total of 112MW of solar projects. It is also engaged in innovative solutions and holds an exclusive license to operate the biggest floating solar pilot project in Laguna.
Meanwhile, Blueleaf has built and operated about 250MW of solar capacity in the Philippines and more than 500MW in the Asia Pacific Region.