To consider an application for financing, fill out the form and send it to us by e-mail along with the project brief, or contact our experts
The Philippines will build the largest solar power plant in the world.
This is the investment plan of Filipino billionaire Enrique Razon, one of the richest men in the country.
According to the plans, the total installed capacity of all photovoltaic panels of the power plant should be from 2500 to 3500 MW.
Batteries capable of storing up to 4500 MWh of energy will be installed near the power plant.
According to Razon-led Prime Infrastructure Holdings, the green energy generated by the solar power plant will be equivalent to burning approximately 1.4 million tons of coal per year, which will significantly affect the carbon balance of the entire country. It is known that the project will be formally managed by Terra Solar Philippines, also associated with Enrique Razon.
The company is already planning to supply 850 MW to Manila Electric, the Philippines' largest power operator, which will distribute renewable energy in the capital.
The company has assured that 600 MW of electricity under the contract with MERALCO will be available by 2026, and another 250 MW of installed capacity will be ready in 2027.
At the end of 2021, Terra Solar won a competitive bidding organized by MERALCO to supply consumers in accordance with the requirements of the Department of Energy for Renewable Energy Portfolio Standards (RPS). The aforementioned program requires power distribution companies and retail electricity providers to buy or generate a certain percentage of their energy from renewables.
The project looks ambitious, but so far there is not much information about the details of its financing and implementation.
Although the consortium preparing the investment project say the installation should be completed by 2027, it is not yet known where the largest solar power plant in the world will be built and what its planned cost will be.
The well-known company Solar Philippines, which not only manufactures equipment, but also develops large-scale photovoltaic projects in the Philippines, has been chosen as the manufacturer of photovoltaic panels for the new project.
More precise information about the technical characteristics of the panels and the cost of contracts is not yet available.
As for possible construction sites, experts call the island of Luzon.
This does not change the fact that the Philippines is at the forefront of the renewable energy transition in the region. Currently, the country produces 57% of the energy it needs from burning coal, but this number is constantly decreasing. The construction of a giant solar power plant by Prime Infra will further reduce the use of fossil fuels. As a reminder, MERALCO aims to increase the installed renewable energy capacity in Manila to 1,500 MW by 2027.
The company says the construction of such a powerful facility was made possible thanks to a significant reduction in the cost of photovoltaic panels in recent years, as well as the successful development of energy storage technologies.
According to Guillaume Lucci, President and CEO of Prime Infra, innovative electrical energy storage technologies allow the company to create an economically and socially significant energy infrastructure that the world has never seen before.
The world's largest solar power plant, unexpectedly planned in the Philippines, highlights the commitment of local businesses to the global energy transition.
Currently, the share of renewable energy sources in the Philippine energy mix exceeds 29%, and this figure continues to grow steadily.
In particular, the government aims to increase the share of renewables in the energy mix to 50% by 2040.
This is a significant contribution to the energy security of the region, which is especially important in the face of rising prices for fossil fuels and the depletion of its reserves.
