SAN Carlos Sun Power Inc. (SACASUN), a unit of Aboitiz Power Corp. (AboitizPower), has secured a loan amounting to P3.7 billion for its solar power project in San Carlos City, Negros Occidental.
In a disclosure to the Philippine Stock Exchange (PSE), Aboitiz Power said SACASUN has signed an omnibus loan and security agreement with BDO Unibank Inc.
Aboitiz Power said the amount will be used to finance the construction, development, and operation of SACASUN’s 59-megawatt (MW) solar photovoltaic power generation facility in San Carlos City.
SACASUN is a joint venture between SunEdison Philippines Helios BV and Aboitiz Renewables Inc. (ARI), the holding company of Aboitiz Power Corp.’s investments in renewable energy.
Under the joint venture deal, the AboitizPower unit holds a 60-percent stake and the local arm of California-based solar power developer SunEdison Inc. holds the remaining 40 percent.
The two firms earlier signed a deal to formalize the equity sharing, governance structure, and other terms and conditions of the partnership.
The San Carlos plant is AboitizPower and SunEdison’s first joint solar power project since the two struck a deal in November 2014 to jointly explore, develop, construct and operate up to 300 MW of utility-scale solar photovoltaic power generation projects in the country over the next three years.
For the San Carlos solar project, AboitizPower and SunEdison tapped Nari Group Corp. as engineering, procurement and construction (EPC) contractor.
AboitizPower president and COO Antonio Moraza earlier said the San Carlos solar power project is scheduled to begin commercial operations in the first quarter of 2016.
AboitizPower is expanding its renewable energy portfolio to include solar and geothermal as part of its plans to provide the country with the right energy mix.
Besides the 300 MW solar projects with SunEdison planned for the medium term, AboitizPower is also eyeing to develop 200 MW in potential run-of-river power projects located across the country over the next five years.