Aboitiz, partner get local funding for solar project

by Riza T. Olchondra – 12:48 AM December 12th, 2015

from Philippine Daily Inquirer

The partnership of Aboitiz Power Corp.’s (AboitizPower) subsidiary and the local arm of California-based SunEdison Inc. is all set to develop a 59-megawatt (MW) solar farm in Negros Occidental, having secured a credit line of up to P3.7 billion from a local bank to cover construction and other expenditures.

San Carlos Sun Power Inc. (Sacasun), the joint venture between Aboitiz Renewables Inc. and SunEdison Philippines Helios BV, signed an omnibus loan and security agreement with BDO Unibank Inc. for a loan of up to P3.7 billion. Proceeds of the loan will be used to finance the construction, development and operation of Sacasun’s 59-MW solar photovoltaic power generation facility in San Carlos City, Negros Occidental.

AboitizPower president and COO Antonio Moraza said the project was set to start commercial operations in the first quarter of 2016 and could be one of the biggest solar power projects in the country.

This will be the first major development since the two companies agreed in November 2014 to explore, develop, construct and operate up to 300 MW of large-scale solar power projects in the Philippines over a span of three years.

“This project is in support of the call by the 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 will continue to pursue the right mix of energy sources to ensure reliability and a reasonable cost of power to the end consumers.”

Aside from its 300MW solar projects with SunEdison, AboitizPower is also set to develop 200 MW in potential run-of-river power projects nationwide over the next five years as part of efforts to expand its renewable energy portfolio.