Energy upstart sets $1.5-B war chest

Blueleaf Energy Philippines is preparing a war chest of $1.5 billion to build a portfolio of 1,500 megawatts (MW) solar projects in Laguna to help augment the country’s supply of dependable renewable energy. 

“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,” Blueleaf Energy Philippines Investment Director and Country Head Christopher Rainier O. Chua said at a media briefing on Thursday.

“It’s going to be a long-term loan from banks and the equity portion of it’s something that we as the investor will be covering,” he added.

Blueleaf’s NKS Solar One, a 250 MW floating solar project in Caliraya and Lumot Lakes in Laguna, is poised to be the first utility-scale floating solar project in the country. 

The project, which won the Department of Energy’s second round of the Green Energy Auction Program last year, will start construction by the last quarter. It is scheduled to be online by early 2026.

Co-development

Additionally, Blueleaf Energy Philippines will also co-develop BlueSolar, a 1.3GW floating solar facility in Laguna Lake, with SunAsia.

“The thing is, compared to wind, which is much more expensive, the floating wind has higher capacity. It generates more energy to sell to the market. Part of our objective is that we’re doing this for the first time. It’s the first large-scale floating solar. So, we’re putting on our collective hats and making an effort to try to optimize the cost,” Chua explained.

In August 2023, 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.

The project will span the towns of Cabuyao, Sta. Rosa, Calamba, Victoria, and Bay.

In areas with competing land use demands, floating solar technology has emerged as a viable solution with Japan, China, Taiwan, Singapore, and Indonesia, among others, adopting this technology. 

Unlike ground-mounted solar systems, floating solar technologies require minimal land preparation and offer increased photovoltaic (PV) efficiency due to the cooling effect of water.