Laguna’s floating  solar projects  to cost $1.5B

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Local renewable energy developer Blueleaf Energy Philippines has allotted  up to $1.5 billion for the development of  floating solar projects with a total capacity of 1,550 megawatts (MW) in Laguna.

The investments in  two separate projects in Laguna are expected to be completed by 2026.

Chris Chua, Blueleaf Energy Philippines president, said  in a briefing in Pasig City yesterday the company is looking at project financing through long-term loans from banks as well as  equity to bankroll the projects.

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One of the projects is the 250 MW NKS Solar One situated in Caliraya and Lumot Lakes  and is  expected to be the first utility-scale floating solar project in the country.

The project is a joint venture between Blueleaf Energy Philippines and NKS Energy Utilities and is  qualified for incentivized rates under the Department of Energy’s second round of Green Energy Auction Program in 2023.

Construction starts in the fourth quarter. The facility is expected to be online by the first quarter of 2026.

In a bid to turn the NKS Solar One project into a tourist site,  the solar panel placements have been designed to resemble the local sambalilo hat and tilapia which are known icons of Laguna.

Blueleaf Energy Philippines  said more than 1,000 jobs are expected to be generated in Laguna once NKS Solar One starts construction.

The other project is being carried out by Blue Solar, a collaboration between Blueleaf Energy Philippines and SunAsia which will have a 1,300 MW capacity in Laguna Lake with 10 blocks comprised of hundred hectares each.

Blueleaf Energy Philippines said the project will start construction next year with 910 MW out of the total 1,300 MW completed by 2026.

Chua said floating solar projects,  unlike ground mounted solar, require less land preparation and  have higher photovoltaic efficiency due to the cooling effect of water.

Blueleaf Energy Philippines is a portfolio company of Macquarie Capital operating on a

standalone basis currently dedicated to developing and operating utility-scale solar projects.

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