- Mitsui has been reported by Nikkei Asia to have formed a renewable energy JV with Philippines based Global Business Power
- The JV will build a 115 MW solar power plant in the country’s Rizal province for JPY 7 billion
- Project is planned to come online in March 2022 when it will be connected to Manila Electric’s grid
Philippines, one of the world’s most populated countries with over 100 million people and a nation of several big and small islands, is to welcome a 115 MW solar power plant to be set up in the country’s northern province of Rizal. It will be built by a renewable energy joint venture between Japanese trading house Mitsui & Co., and local utility Global Business Power, reported Nikkei Asia.
The 115 MW solar farm is planned to be connected to the local grid of Manila Electric when its scheduled operations start in March 2022. It is expected to contribute to the country’s shift from coal power plants, while also allowing both the partners to also invest in renewables.
The news report added that while Global Business Power will be able to diversify from fossil fuels, Mitsui will bring in its expertise to the partnership.
Expected to cost JPY 7 billion ($64.4 million), the project will be Mitsui’s ‘1st megasolar’ project in Southeast Asia and for which Mitsui will cover 40% of the total cost, it added.
Of late there are some ‘megasolar’ projects being announced in the country. In February 2021, Solar Philippines proposed to build a 2 GW solar PV project with 6,000 MWh energy storage capacity with 600 MW diesel back-up in Batangas (see 2 GW Solar & Storage Facility Proposed In Philippines).
According to the International Renewable Energy Agency (IRENA), at the end of 2020 Philippines had 6.812 GW total renewable energy capacity with solar PV accounting for merely 1.048 GW.