- Gurīn Energy has achieved financial closure for its $60 million maiden solar power project in the Philippines
- The Zambales province located facility is scheduled to enter commercial operations by Q3/2024
- It is designed to generate enough clean energy for over 35,500 homes/year with over 130,000 solar panels installed
Singapore-headquartered renewable energy developer Gurīn Energy has achieved financial close for its maiden announced solar power project in the Philippines with 75 MW capacity. It identified the Union Bank of the Philippines as the lender.
The 75 MW project is coming up in the Palauig municipality of the country’s Zambales province. Construction is scheduled to begin within December 2023 and commissioning is scheduled for Q3/2024.
Spread over 80 hectares, the farm will deploy up to 136,363 ground mounted solar PV panels. Energy generated will be supplied to more than 35,500 homes/year.
Gurīn said the financial close, achieved through a robust partnership approach and exhaustive investment process, will lead to a total investment of $60 million.
Operating in the space of solar, wind and storage, Gurīn counts a 7 GW strong development portfolio spread across Indonesia, Singapore, Malaysia, Thailand, the Philippines, South Korea and Japan. New Zealand listed Infratil Limited is invested in the company through a $233 million commitment.
In September 2023, Gurīn’s joint venture with Gentari International Renewables, Vanda RE secured a letter of conditional approval from the Energy Market Authority (EMA) of Singapore to deliver 300 MW non-intermittent renewable energy from Indonesia to Singapore. It is one of 5 projects for 2 GW solar capacity to be imported from its neighbor (see Singapore 1 GW Short Of 4 GW Low-Carbon Goal).