Blueleaf Energy Philippines, a portfolio company of Macquarie Capital, through its projects with local joint venture partners, is looking at investing $1.5 billion to build 1.5 gigawatts floating solar portfolio in Laguna.
“I think we’re looking at an overall investment for these projects of around $1.5 billion. But like in any other power project, we’re looking into project financing. So, it’s going to be like long-term loans from banks and the equity portion of it’s something that basically we as the investor will be covering,” Blueleaf Energy Philippines president Chris Chua said.
Chua said the estimated per megawatt cost of floating solar project is around $1 per MW.
“It’s the first large-scale floating solar. So, we’re putting on our collective hats and effort to try to optimize the cost. That’s part of our objective. We want to demonstrate the best LCOE (levelized cost of electricity) for this technology,” he said.
Blueleaf Energy Philippines and partner NKS Energy Utilities Inc. through project company NKS Solar One is developing a 250MW floating solar project in Caliraya and Lumot Lakes in Laguna, which is expected to be the first utility-scale floating solar project in the country.
The project is expected to to start construction by the four quarter of 2024 and is targeting to be online by the first quarter of 2026.
It is one of the winning bidders in the Department of Energy’s second round of Green Energy Auction Program in 2023.
Meanwhile, Blueleaf Energy Philippines will co-develop BlueSolar through a joint venture with SunAsia, Blueleaf Energy Philippines. BlueSolar is the project company for the 1.3 gigawatt floating solar facility in Laguna Lake.
The Laguna Lake Development Authority and the partners signed a renewable energy contract area utilization agreement for the 10 blocks of hundred hectares each in Laguna Lake in August 2023.
The project will span the towns of Cabuyao, Sta. Rosa, Calamba, Victoria, and Bay and is expected to begin construction by 2025. Around 7 blocks totaling 910 MW is expected to be completed in 2026.