New JV for solar, wind projects formed in Philippines

Visual from the company website

Philippine tech company We Are IT Philippines Inc (WIT) and Japan-based solar developer Eguchi Holdings Co Ltd have signed a joint venture agreement for the creation of solar and wind projects in the Philippines.

The new JV is likely to invest $5 million in projects related to solar and wind energy over the next two-three years.  The long-term target, according to a company official, is to build at least five megawatts (MWs) in that span of time.

WIT chief operating officer Joseph Maddatu said the investment could reach $1 million in each megawatt plant in a hectare of land.

Eguchi president Katsuyoshi Eguchi said the new JV — named Fujisan Solar and Wind Energy Corp — targets high quality solar projects but will start with some small-sized wind projects in Luzon.

Also Read: Aboitiz Power, SunEdison ink contract for $75.6m solar power project in PH

WIT is a satellite broadband service provider in the Philippines, while Eguchi is a solar and wind developer in Japan with more than 15 MWs installed capacity.

He said the JV firm will start with chicken farms with a 300 kilowatt (kW) capacity.

Maddatu noted they aim to put up solar projects of around 1-2 MWs capacity before March 2016 in order to avail of the P8.69 per kWh Feed-in-Tariff (FIT).

Also Read: Belgium’s Enfinity SA invests $42.7m in PH solar farm

Some of the areas considered for the projects are in Cagayan Valley; Tanay, Rizal; Pililia, Rizal; and selected areas in Mindanao.

Maddatu added that Fujisan was considering several projects, depending on how fast the government would award the service contracts.

Founded over 10 years ago, WIT’s portfolio includes providing satellite communications infrastructures for critical missions of civil and military entities of the government in the Philippines.

Also Read:

UK-based ThomasLloyd Group exits solar projects in Philippines

Korea, Thailand firms to invest in PH solar power cos

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.