by Madelaine B. Miraflor December
11, 2015
Aboitiz Power Corp. unit and its
partner have secured nearly P4 billion worth of financing for their 59-megawatt
(MW) solar power project in Negros Occidental.
A disclosure to the Philippine Stock
Exchange showed on Friday that San Carlos Sun Power, Inc. (Sacasun) signed an
Omnibus Loan and Security Agreement with BDO Unibank, Inc. to secure a loan in
the amount of up to P3.7 billion
Sacasun is the joint venture company
between SunEdison Philippines Helios BV and Aboitiz Renewables, Inc., the
holding company of AboitizPower’s investments in renewable energy.
“The proceeds of the loan will be
used to finance the construction, development, and operation of the company’s
59-MW solar photovoltaic power generation facility located at San Carlos City,
Negros Occidental,” AboitizPower told the stock exchange.
It was earlier reported that Chinese
firm Nari Group Corporation has been tapped for the engineering, procurement, and
construction (EPC) contract for the project.
The targeted commercial
commissioning of the solar plant is first quarter of next year.
The company said this will be the
first batch of the planned solar projects in their joint venture arrangement
with the American firm.
AboitizPower president and chief
operating officer Antonio Moraza said in a previous report that the company
will continue to expand its capacity in the renewable energy sphere of
investments.
As of June, More than 2,000-MW of
solar power projects over the long -term is now being proposed to the
government by a group of renewable energy developers.
Feed-in Tariff (FIT) is a framework
designed to grow investment in renewable energy, with the Department of Energy
(DOE) offering long-term contracts and guaranteed pricing to renewable energy
(RE) firms.
The SACASUN project is part of the
projects being proposed to avail of FIT incentives.
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