A South Korean-led firm has obtained the approval of the Department of Energy (DOE) to proceed with the construction of its P2.4-billion solar power project in Ilocos Norte.
The DOE recently issued a certificate of commerciality to South Korean-led Mirae Asia Energy Corp. which would allow the company to start constructing its 20-megawatt solar project in Currimao, Ilocos Norte, according to Lito Badua, the firm’s vice president.
He said that the company will start processing the remaining permits for the projects and is looking to begin with the construction of the project at around the fourth quarter of this year. Full commercial operations is being eyed in late 2014.
“Funding will be equity and loans from local and foreign banks,” he added.
Once operational, the project can avail of the feed-in tariff rate of P9.68 a kilowatt-hour.
Based on the company’s presentation, Mirae Asia has concluded the topographic and geotechnical study of the plant site in Currimao.
The company has secured the concurrence of the host local government units for the support to the project, in a form of a provincial board resolution required under the law.
Moreover, Mirae Asia has secured the environmental compliance certificate for the project, and is presently in discussion with the National Grid Corp. the Philippines for the transmission service agreement and connection agreement.
“The company envisions the solar project areas in Ilocos Norte to become one of the provincial tourist showcases, similar to the wind mill power plant in Bangui, Ilocos Norte,” Mirae Asia said.
This project will be built in a 60-hectare property located in Barangay Paguludan, Currimao, Ilocos Norte.
Mirae Asia also has an existing solar project in Korea but on a smaller scale.
The firm’s project is the third solar facility to be given a certificate of commerciality this year.
The other solar projects are the 30-MW solar farm of Philippine Solar Farm-Leyte in Ormoc, and the 30-MW project of ATN Philippines Solar Energy Group in Rodriguez, Rizal.