Mirae Energy in need of capital hike for 20-MW solar plan - report

Dec 9, 2013 - South Korean firm Mirae Asia Energy Corp needs to increase its capitalisation to USD 15 million (EUR 11m) so as to be able to finance a 20-MW solar project in the Philippines, local daily the Inquirer said Sunday.

The renewable energy company’s vice president Lito A Badua said, as cited by the newspaper, that the firm needed to achieve higher capitalisation in order to borrow enough money for the development of the USD-50-million scheme. Mirae Asia, whose capitalisation currently stands at USD 1 million, is finalising negotiations with investors on the capital hike.

The Philippine Department of Energy (DOE) approved the certificate of commerciality (COE) for the 20-MW Currimao project in July, thus allowing it to launch construction. Since then, the company has attracted the interest of several investors, Badua was cited as saying.

Mirae Energy intends to start building the plant in the northeastern province of Ilocos Norte in January. Commercial operations are to be reached in July 2014.

After completing the installation, the developer could apply for government feed-in tariff (FiT) incentives of PHP 9.68 (USD 0.22/EUR 0.16) per kWh for solar power.

(USD 1.0 = EUR 0.730)
(PHP 10 = USD 0.227/EUR 0.166)

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