Alternergy, through its subsidiary Solar Pacific Energy Corp., announced the near completion of its 15.3 megawatts (MW) solar and 12.9 megawatt hour battery energy storage system project in Palau.
The company said the project worth $29 million (P1.6 billion) is 65 percent complete and is expected to start commercial operations by April.
“Our Palau project builds a strong partnership with the governments of Palau through a long-term power supply agreement (PSA) with the Palau Public Utilities Corp. (PPUC) and with Australia through project financing under the Australian Infrastructure Financing Facility for the Pacific (AIFFP),” said Mike Lichtenfeld, Solar Pacific chief executive officer, in a statement.
Lichtenfeld said the PSA was for 20 years and extendible for another five years.
Solar Pacific added Export Finance Australia through the AIFFP also extended a total financing package of $22 million (P1.2 billion) for the project.
“Alternergy and Solar Pacific saw the opportunity to explore the electricity market outside the Philippines and we are honored to be the first independent power producer in the Republic of Palau. The opportunity to provide renewable power to the Republic of Palau, one of our neighboring Pacific island nations, is consistent with our vision to powering the islands with renewable energy resources,” said Vince Perez, Alternergy and Solar Pacific chairman.
Alternergy aims to develop up to 1,370 MW of additional wind, offshore wind, solar and run of river hydro projects.
At present, the company has three run-of-river hydro projects currently under construction and in partnership with Shell Overseas Investment B.V. to pursue offshore wind projects in the Philippines. – Jed Macapagal
