San Carlos Sun Power Inc., a unit of Aboitiz Power Corp., signed a P3.7-billion loan agreement with BDO Unibank Inc. to finance a 59-megawatt solar power project in Negros Occidental province.
“The proceeds of the loan will be used to finance the construction, development, and operation of Sacasun’s 59-MW solar photovoltaic power generation facility located at San Carlos City, Negros Occidental,” Aboitiz Power said in a disclosure to the Philippine Stock Exchange.
San Carlos, or Sacasun, is a joint venture between SunEdison Philippines Helios BV and Aboitiz Renewables Inc., the renewable energy unit of Aboitiz Power.
Construction of the solar plant has started.
“Our solar venture with SunEdison in Negros Occidental aligns with our efforts to boost our portfolio nationwide with a balanced mix of renewable and non-renewable energy sources,” Aboitiz Power president and chief operating officer Antonio Moraza said earlier.
Aboitiz Power and SunEdison earlier awarded the engineering, procurement and construction contract for the first joint solar power project to Nani Group Corp., the largest wholesale supplier of electric equipment in China.
The solar power project is set for commercial operations in the first quarter next year. It will be one of the largest solar power projects in the Philippines to date.
“Aboitiz Power will continue to pursue the right mix of energy sources to ensure reliability and a reasonable cost of power to the end consumers,” Moraza said.
Aboitiz Power and SunEdison in November last year announced a joint framework agreement to explore, develop, construct and operate up to 300 MW of utility-scale solar in the Philippines over the next three years.
Aboitiz Power serves as the holding company for the Aboitiz Group’s investments in power generation, distribution and retail electricity services. The company is one of the largest power producers in the Philippines with a portfolio of assets located across the country.
The company also owns distribution companies that operate in high-growth areas in Luzon, Visayas and Mindanao, including the second and third largest private utilities in the country.
SunEdison, meanwhile, is the world’s largest renewable energy development company.
The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers.
SunEdison provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world.
SunEdison’s common stock is listed on the New York Stock Exchange under the symbol “SUNE.”