Jul 17, 2013 - The Philippine Department of Energy (DOE) has given its nod to a 20-MW solar project in the Philippines, proposed by South Korean renewable energy firm Mirae Asia Energy Corp.
Mirae Energy's vice president Lito A Badua told reporters on Tuesday that the DOE had approved the certificate of commerciality (COE) for the project, thus allowing it to launch construction. Building works are scheduled to commence in the last quarter of this year, with the aim of putting the facility on stream by end-2014, Badua added.
The solar park, to be situated in the northeastern province of Ilocos Norte, is estimated to require an investment of about PHP 2.4 billion (USD 55m/EUR 42m). Financing will be obtained in equity and loans from local and foreign lenders.
After completing the installation, the developer could apply for government feed-in tariff (FiT) incentives of PHP 9.68 per kWh for solar power.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.