Kirahon Solar Energy Corp. (Kirahon Solar) announced the completion of its 12.5MWp solar farm in Villanueva, Misamis Oriental.
The Kirahon Solar Farm was developed in joint partnership with Solar Pacific Energy Corporation and Mindanao Energy Systems Inc (MINERGY) and operates under a bilateral 25-year Power Supply Agreement (PSA) between Kirahon Solar and Cagayan Electric Power & Light Company (CEPALCO).
Kirahon Solar is the first solar power project in the Philippines to obtain approval from the Energy Regulatory Commission (ERC) of its bilateral PSA contract. It is also the first solar power project in the Philippines to be financed with non-recourse local debt project financing.
“We are delighted and honored to bring clean renewable energy to the local communities of northern Mindanao, where energy shortages continue to be a major challenge,” Kirahon Solar chairman Vince Pérez said.
Pérez also noted that CEPALCO is the solar energy pioneer of the Philippines, having developed the first on-grid solar power plant in the country with a capacity of 1 MW.
At the time of its inauguration in September 2004, the CEPALCO 1MW solar project was considered the largest on-grid project in Southeast Asia.
The Kirahon Solar Farm can supply clean power for up to 23,500 local households each year.
As a renewable resource, the solar farm will offset some 18 million kwh per year of diesel power plant output and 14 million kilograms of carbon dioxide (CO2) emissions per year or about 387 tons of CO2 emissions over the life of the project.