Blueleaf Energy, which is a portfolio firm of Macquarie’s Green Investment Group (GIG), has cemented a joint venture deal with Filipino firm SunAsia Energy for targeted 1,250 megawatts of solar installations in the Luzon grid.
In a statement to the media, SunAsia noted that its partnership with Blueleaf Energy will be able to complement its local development experience with the latter’s financial strong points – two main factors that could bring projects to commercial fruition.
“Such collaboration is poised to significantly contribute to the achievement of Philippines’ renewable energy goals,” SunAsia said.
Blueleaf has well-entrenched specialization in the development, financing, construction as well as operation of both utility-scale solar projects and technology deployments for commercial and industrial (C&I) installations in the Asia Pacific region.
Sol Proops, interim Chief Executive Officer of Blueleaf Energy, indicated that their tie-up with SunAsia, will “drive forward Philippines’ green energy transition,” adding that “this marks another milestone as we partner with reliable, strategic local developers to expand the solar industry across Asia.”
According to SunAsia Chief Executive Officer Tetchi Cruz-Capellan, the targeted solar farm ventures are still at development stage, hence, the scale of investments is still being firmed up also.
“We will have a more accurate number as soon as we complete the design and engineering,” she said, while specifying that project construction is anticipated to begin next year.
SunAsia Energy is a company majority owned by businessman Reynaldo P. Bantug, whose other businesses include real estate, ethanol production and agri-business ventures; and his partners are solar sector doyen and “iron lady” Capellan; and businessman Noel “Toti” Carino, who also has interests in real estate and agri-business.
Capellan noted “with Blueleaf as our energy partner, we are in a strong position today in helping the industry attain the renewable energy targets set by the implementation of the country’s Renewable Portfolio Standards.”
She added that the joint venture “raises the bar of project development work in the country as the partnership offers the renewable energy market innovative solar solutions that are both viable and appropriate to local conditions.”
The RPS is the new incentive mechanism that the Philippine market is dangling to entice fresh wave of RE project developments in the country.
Under the ‘clean energy scenario’ pathway cast in the Philippine Energy Plan, the country is targeting to add over 44,000MW of capacity from RE sources until year 2040, so the country can significantly reduce its carbon emissions in line with the goals of the Paris agreement.