Solar Philippines Commercial Rooftop Projects Inc. is forming a joint venture for a 200- megawatt (MW) power plant involving a publicly listed company.
Solar Philippines President Leandro Leviste said ground-mounted solar power facility is estimated to cost P480 million.
He declined to name the joint venture partner other than saying it will be a “50-50” transaction and that the company’s name will be revealed once the contract is signed.
“We will have the signing of the joint venture agreement this week,” Leviste told reporters.
The solar project is expected to start commercial operations in the first quarter of 2016.
After pioneering the first large-scale solar rooftop projects in the Philippines, the company is laying claim to a new frontier with the largest solar farm in Luzon the 50-megawatt (MW) farm in Calatagan, Batangas.
Solar Philippines is investing around $100 million for the solar farm, the largest in Luzon, which will be constructed on a 75-hectare site. It will use over 150,000 solar panels.
The firm has received over a dozen renewable energy contracts from the Department of Energy (DOE) to develop projects near major cities across the country.
Among operating facilities are the 700-kilowatt (kW) solar rooftop of Central Mall in Biñan, Laguna and SM North Edsa’s 1.5-MW facility in Quezon City.
It plans to install similar facilities at SM Mall of Asia in Pasay City (2.7 MW) and SM Dasmariñas in Cavite (800 kW) in partnership with SM Prime Holdings Inc.
Two more projects are in the pipeline, including City Mall Roxas City’s 600-kW rooftop in Capiz and Robinsons Place Palawan’s 1.2-MW solar facility.
As the first all-in-one solar financing, design and construction company, Solar Philippines installs solar panels on rooftops at zero cost and the power output is below utility rates.