Solid Group invests $28M in Philippine solar manufacturing venture

Solid Group Inc. is investing an additional $8 million in its wholly owned offshore subsidiary as part of a planned $20-million joint venture to develop a solar photovoltaic manufacturing facility in the Philippines.

In a disclosure to the Philippine Stock Exchange (PSE) on 10 November, the company said its board approved the additional investment in Brilliant Reach Ltd. (BRL), an offshore subsidiary of Solid Group.

The board also approved BRL’s plan to establish a joint venture company in Singapore with MSRenewable Investment Holding Ltd., which has Singaporean investors.

BRL will invest $20 million in the venture in exchange for a 50% equity stake.

The joint venture will develop, own and operate a manufacturing facility in the Philippines that will produce solar photovoltaic cells, modules and related products intended for export.

The disclosure did not specify the project’s location, construction timeline, production capacity or the amount to be invested by the joint venture partner.

The planned facility would expand Solid Group’s involvement in the renewable energy supply chain through solar manufacturing, with its output targeted at export markets.