Solar Philippines, Medco ink 50-MW solar PPA in Indonesia
- Solar designer Solar Philippines has clinched a manage Indonesia's PLN to provide the utility with electricity from 50 MW of solar parks it will certainly construct together with Indonesia-based Medco Energi.
Through its joint venture (JV) with Medco, Solar Philippines has actually signed 20-year power acquisition agreements (PPAs) with PLN connected to 2 solar photovoltaic (PV) projects in East as well as West Bali, respectively. The agreements were authorized after the two projects were chosen in PLN's very first auction for utility-scale solar energy capacity held back in 2019.
Building of the solar plants, each with a capacity of 25 MW, is expected to start by 2023. Once in operation, they will certainly raise Indonesia's set up solar PV capacity, which presently stands at less than 300 MW.
Solar Philippines owns 49% in the JV with Medco. The firm noted it has actually provided its recently listed subsidiary Solar Philippines Nueva Ecija Corporation (PSE: SPNEC) the right to subscribe for the share in the JV, based on governing clearance and also approval from PLN. As announced in January, SPNEC intended to perform asset-for-share swaps with its moms and dad Solar Philippines that would certainly enable the subsidiary to develop 10 GW of solar schemes.
