By Juzel L. Danganan
MANILA, Nov 12 (PNA) – Aboitiz Renewables Inc., a subsidiary of Aboitiz Power Corporation, has signed a joint-framework agreement with SunEdison Inc. to put up a 300 Megawatt (MW) solar farm in the country.
”The agreement formalizes their intention to jointly explore, develop, construct and operate up to 300 megawatts of utility-scale solar photovoltaic power generation projects in the Philippines over the next three years,” Aboitiz Power Corporation said in a disclosure to the Philippine Stock Exchange (PSE) Wednesday.
The signed agreement will take effect from 2015-2018.
It will only be the first among a series of solar projects that will start by 2015, according to the disclosure.
Aboitiz Power Corporation Chief Executive Officer (CEO) Erramon Aboitiz said the partnership will make the solar project goal easier.
“Our deep knowledge of local markets, together with SunEdison’s proven track record and cutting edge technology, will enable us to rapidly achieve our goal,” Aboitiz said.
For his part, SunEdison’s Chief Executive Officer (CEO) Ahmad Chatila said the partnership was ideal since Aboitiz Power is already an established firm in the Philippines, while SunEdison has world-class solar technology and deployment capabilities.
”Together we are ideally positioned to swiftly bring cost effective solar energy to the people of the Philippines,” he said.
SunEdison has previously invested similar photovoltaic projects in China and India.
SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictable priced electricity and services to its residential, commercial, government and utility consumers.
On the other hand, AboitizPower is engaged in generation, distribution, retail energy sales, trading and energy efficiency. (PNA)