Philippines-based Prime Infrastructure Holdings has unveiled plans to build a massive solar farm and energy storage project featuring up to 3.5 GW of PV backed by up to 4.5 GWh of energy storage by battery in the Southeast Asian nation.
Investment firm Prime Infrastructure Holdings (Prime Infra), led by Filipino billionaire Enrique Razon, has announced that it will build a 2.5-3.5 GW solar farm linked to 4-4.5 GWh of solar energy storage. battery power to help power the Philippines as the island nation steps up its transition to renewable energy.
The project will be undertaken by Terra Solar, a joint venture between Razon’s Prime Infra and PV module manufacturer and project developer Solar Philippines.
Based in Manila Solar Philippines is the largest solar company in the country with approximately 400 MW of operating projects and multi-megawatt pipeline projects under construction, including a 500 MW solar farm under construction in the province of Nueva Ecija, approximately 100 kilometers north of Manila. It has also partnered with Prime Infra to develop a 150 MW solar farm in Tarlac, about 70 km west of Nueva Ecija.
No details on the cost or location of the new solar farm were provided, with Solar Philippines only saying it would seek to identify potential sites for the project on the island of Luzon.
Prime Infra’s chief executive, Guillaume Lucci, described the project as “a model of reliable renewable energy”, saying it would transform the country’s renewable energy landscape.
“We are delighted to move forward on this record-breaking project which highlights the important contribution of solar energy to enhancing the country’s energy security,” he said.
Lucci said Prime Infra is looking to take advantage of the steep decline in solar installation costs over the past decade and improvements in battery energy storage system technology.
“It allows the company to build economically critical and socially relevant infrastructure on a scale the world has never seen before,” he said.
Lucci said the project is supported by a long-term power purchase agreement with Manila Electric Company (Meralco). The Philippines’ largest electricity retailer has signed a 20-year contract direct debit agreement for 850MW of renewable energy per year. The agreement stipulates that 600 MW will be available by 2026, with the additional 250 MW to be delivered in 2027.
Figures released by Terra Solar indicate that the 850 MW supply will displace annual consumption of around 1.4 million tonnes of coal or 930,000 liters of oil, reducing both carbon emissions and import dependency for the country from 2026 to 2046.
The Philippines derives about 57% of its electricity from coal, but the country has made a big push for renewable energy projects in recent years as it seeks to reduce its dependence on fossil fuels, in line with its goal of reducing emissions. greenhouse gas emissions.
The government aims to increase the share of renewable energies in the energy mix to 35% by 2030, compared to 21% in 2020 and to 50% by 2040. Renewable energies currently represent 29.1% of installed capacity.
Meralco, which distributes electricity in Metro Manila and neighboring provinces, aims to have 1.5 MW of renewable energy capacity by 2027.
Meralco “is embarking on a just, orderly and affordable transition to clean and environmentally friendly energy,” Chairman Manuel Pangilinan said in a statement.
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