June 20, 2024

Floating Solar Power Investment reach $1.5B in the Philippines

Floating Solar Power Investment boosted by Blueleaf Energy Philippines announcement a multibillion-dollar commitment to the renewable energy sector investing $1.5 billion in a joint venture to build a Breathtaking 1.5-gigawatt floating solar facility in Laguna.

A New Dawn for Renewable Energy

The visionary Floating Solar Power Investment scheme, proposed by Blueleaf Energy, the renewable-energy arm of Macquarie Capital – one of the world’s largest infrastructure investors – is scheduled to exploit the seas’ hitherto-untapped energy-generating capacity on Laguna’s waterbodies.

The project, dubbed NKS Solar One, represents a collaboration with two strategic partners: NKS Energy Utilities, a subsidiary of Nayaki Energy, and SunAsia Energy.

What is proposed is a solar power plant that would produce clean energy for the nation. This plant aims to convert 600 acres of land and generating power of 1,500 megawatts or MW.

NKS Solar One, as the 250-MW first phase of the Floating Solar Power Investment project, will soon be floating on lakes Caliraya and Lumot. It will be the first of its kind in Laguna, and the country’s first utility-scale floating solar project.

The NKS Solar One is scheduled to begin construction with shovels hitting the dirt in the last quarter of 2024, with commercial operation starting in early 2026. A second plant, a 1.3-GW facility running across Laguna Lake, is in the works by the company SunAsia Energy, linking the cities of Cabuyao, Sta. Rosa, Calamba, Victoria and Bay into an electric power grid.

Financing the Future

The project is financed by equity and long-term bank loans creating a perfect financial blueprint for Floating Solar Power Investment which has an eco-friendly powerhouse on one side and a revenue generator on the other.

Blueleaf Energy’s president Chris Chua believes this business will help kickstart the Philippines’ energy transition by transitioning more of the Philippines to net-zero with the cutting-edge technology of renewables that BFPPI is pioneering.

Floating Solar Power Investment is the new face of renewable energy. This business is innovative and provides multiple benefits. It significantly reduces land take, improves the photo voltaic efficiency of the surface through the cooling provided by water, and frees terrestrial landscapes for other productive uses.

Why Floating Solar-Hydro Power Projects are Vital to the Philippines

Similarly, ample water resources and high solar irradiation make the island nation of the Philippines a good candidate for building on water. As mentioned above, the Floating Solar Power Investment project in Cebu City, the Philippines’ second largest province, puts the floating solar dream into practice.

The Department of Energy estimates that the country has as much as 18,000km² of inland water bodies that are viable for floating solar development and could potentially produce up to 20,000 MW of electricity.

The country’s mean solar radiation is approximately 5 kWh/m²/day, higher than most Asian countries and comparable with some parts Australia and the Middle East. The Floating Solar Power Investment Project was built over Magat Dam, the second-biggest dam in the Philippines, which generates irrigation, flood control and hydroelectric power.

A floating solar power plant will help the established hydroelectric plant to generate electricity at the high solar radiation time intervals within the day and reduce the dam water loss which can be requested for peak time in the day or in the emergency cases.

The productive synergy between solar power and hydroelectricity will demonstrate that integrated renewable energy models can be viable and beneficial not only in the Philippines, but in other parts of the world.

For now, Blueleaf Energy’s committee to enter Floating Solar Power Investment is one bright light as far as the path to renewable energy goes for the Philippines. It is also part of a global movement to power our world ever more sustainably.

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