With the recent approval from the Department of Energy, the largest solar plant in the country is now set to rise in Negros with a cost of P1.9 billion.
The project, which is being developed by Bronzeoak Philippines (BP) and the Swiss-German firm ThomasLloyd (TL), is called the San Carlos Solar Energy Project and will have a total capacity of 22 megawatts (MW).
Located at the San Carlos Ecozone on the Island of Negros, the project is expected to be operational by the second quarter of 2014, adding over 35 million kilowatt hours annually to the Visayas Grid.
The project cost, which is estimated to be at P1.9 billion, will be funded by TL.
“All equity funding has been secured to enable the project to be constructed and put into operations,” the joint venture said in a statement. The project will be developed in two Phases: Phase 1 with 13 MW; and Phase 2 for the additional 9 MW.
TL is a leading global investment banking and investment management group dedicated solely to the renewable energy and clean technology sectors.
BP, on the other hand, is a privately owned company that specializes in renewable energy project development, finance and management of integrated agro-energy projects in the Philippines.