Aboitiz’s P3.5-billion solar project begins commercial operations in Q1 2016

by Lenie Lectura, 19 August 2015
from BusinessMirror

THE P3.5-billion solar-energy power project of Aboitiz Renewables Inc. (ARI) and SunEdison Philippines Helios BV (SunEdison) is set for commercial operations in the first quarter of 2016.

This after they have awarded the EPC (engineering, procurement and construction) contract to Japan-based Nari Group Corp., which will undertake the construction of the 59-megawatt (MW) solar project in San Carlos City, Negros Occidental.

The solar project is being undertaken by Maaraw Holdings San Carlos Inc., the joint-venture company between ARI and SunEdison. It is 60-percent owned by ARI.

ARI, a subsidiary of Aboitiz Power Corp., signed shareholders’ agreements with SunEdison that formalized the equity sharing, governance structure, and other terms and conditions of the ARI and SunEdison partnership.

These agreements follow a November 2014 joint framework agreement between ARI and SunEdison to jointly explore, develop, construct and operate up to 300 MW of utility-scale solar in the country over the next three years.

“This project is in support of the call by the government to maximize the renewable-energy (RE) potential of the country. AboitizPower is one of the biggest RE producers in the country and we will continue to expand this capacity. This project is a testament to that commitment,” Aboitiz Power President Antonio Moraza said.

To date, AboitizPower and its partners produce a total of 3,044 MW of power, 40 percent of which are coming from its Cleanergy portfolio made up of hydro and geothermal power plants.

“Our deep knowledge of local markets, together with SunEdison’s proven track record and cutting-edge technology, will enable us to rapidly achieve our goal” to develop new energy sources, said Erramon Aboitiz, AboitizPower CEO.

AboitzPower targets to put up 2,000 MW of additional power capacity in the next five years. It has programmed P125 billion to achieve this target. The company also owns distribution utilities that operate in Luzon, the Visayas and Mindanao, including the second and third largest private utilities in the country.

SunEdison, a listed firm on the New York Stock Exchange, is a global leader in transforming how energy is generated, distributed and owned. It has signed similar agreements with companies in India and China.