HomeRenewable energy ›Blueleaf Energy to Build 610.5 MW Floating Solar Project with SunAsia Energy in Philippines

Blueleaf Energy to Build 610.5 MW Floating Solar Project with SunAsia Energy in Philippines

Blueleaf Energy and SunAsia Energy Inc. have secured contracts from the Philippine government to build and operate the world’s largest floating solar project in the Philippines, which has a cumulative capacity of 610.5 megawatts (MW).

May 17, 2023. By News Bureau

Blueleaf Energy and SunAsia Energy Inc. have secured contracts from the Philippine government to build and operate the world’s largest floating solar project in the Philippines, which has a cumulative capacity of 610.5 megawatts (MW).

The move is viewed as a milestone in the country’s energy sector, with the Department of Energy (DOE) issuing the first set of Solar Energy Operating Contracts (SEOCs) for a total 1.3 gigawatts (GW) in floating solar projects.

In September 2022, Blueleaf Energy, a stand-alone portfolio company of Macquarie, signed a Letter of Intent (LOI) during President Ferdinand Marcos Jr. state visit in Singapore. The company made a commitment to significantly increase its sustainable infrastructure investments in the Philippines.

In partnership with SunAsia Energy, Blueleaf Energy is jointly developing the large-scale floating solar facility on Laguna Lake, spanning the growing cities of Calamba, Sta. Rosa and Cabuyao, and the towns of Bay and Victoria.

During the contract turnover ceremonies, Energy Secretary Raphael Lotilla reiterated his promise to strengthen the renewable energy sector and declared the DOE’s strong support for the commercialization of floating solar facilities as an emerging technology.

Australian Ambassador HK Yu PSM and Singaporean Ambassador Gerard Ho Wei Hong were among those who attended the event at the DOE office in Makati City. The program echoed the need to accelerate the realization of the country’s decarbonization targets by 2040. 

Raghuram Natarajan, CEO of Blueleaf Energy, said that “as an active investor in sustainable infrastructure in the Asia Pacific region, we believe the Philippines holds great potential to add significant renewable energy capacity to its energy mix and at the same time delivering green energy at an affordable cost compared to fossil fuels.”

The recent announcement of the removal of foreign ownership restrictions, Natarajan said, “is an important step in attracting the much-needed foreign direct investments in Philippine Renewable Energy (RE) sector to accelerate the energy transition for meeting the country’s decarbonization and net zero targets.”

After the signing of the SEOCs, Blueleaf Energy’s top executive said his company would push for cooperation among public and private stakeholders to ensure the successful development of the project.

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