In two latest developments in the Philippine power industry, Singapore-based Sindicatum is planning to set up a new $32-million solar plant, while Belgium firm Enfinity sold its 70MW solar projects to investment funds.
Sindicatum plans new $32m solar plant
After formally unveiling its $40-million solar farm in the Philippines, Singapore-based Sindicatum Renewable Energy Co is considering setting up a new plant estimated at $32 million.
Sindicatum president and chief executive officer Robert Driscoll disclosed the plan to local media on Friday at the sidelines of the inauguration of the 22.325MW Clark Solar Power farm, the first solar project within the Clark Freeport, a former US air base.
Driscoll said, Sindicatum signed a land lease agreement with state-owned Bases Conversion and Development Authority (BCDA) for a 38-hectare property within the Clark Green City in Pampanga. BCDA will operate the planned 20 to 25 MWs of additional RE capacity.
The Sindicatum executive said design work including securing the permits for its next solar farm are being completed. He added construction will begin before 2016 ends. Sindicatum develops, owns, and operates renewable energy projects in South and Southeast Asia.
Belgian power firm Enfinity sells 70MW solar projects to investment fund
Belgium-based power firm Enfinity SA has divested to investment fund its 50 megawatt (MW) and 20MW solar projects in Tarlac and Clark in the Philippines, respectively.
The size of the deals were not disclosed, although Enfinity before reported the Tarlac project cost around $76.6 million (P3.6 billion).
Enfnity Asia Pacific Holdings Ltd business development director Bill Ruccius earlier told local media the company got a good price. He said they sold the projects in September and signed a confidentiality agreement with it.
He explained that Enfinity founders being developers, like to develop projects and would sell them if they get a good price.
The two projects were among the four planned power plants of Enfinity in 2015, which had a total cost of P8 billion.
Besides the 50MW in Concepcion in Tarlac, and 20MW in Clark in Pampanga, the two other projects are the 40MW in Digos, Davao del Sur, and 3MW in Cavite province.