In two separate business developments in the Philippines, Belgium-based power company Enfinity SA is investing up to $42.7 million (P2 billion) in a local solar project, while automaker supplier Philippine HKR is funding its new automobile machine parts production for $10.6 million (P500 million).
Enfinity SA invests $42.7m in PH solar facility
Enfinity has invested $42.7 million in a 28.6 megawatt solar farm, which is the first phase of a planned 43.6MW facility in Digos City, Davao Del Sur.
Located in a 34.8-hectare site, the project is targeted to be operational in next year’s summer season.
The Hanwha Group from South Korea will supply photovoltaic panels for the project. Enfinity has tapped India-based firm Sterling and Wilson as the international engineering, procurement and construction (EPC) contractor, while Mieacor will be its local contractor.
The Belgium company disclosed that about 20 per cent of the expense component have already been earmarked for the project. It is expected to bring significant power supply that can help solve the plug generation problem in the Mindanao region.
Philippine HKR approves $10.6m fund in car machine parts business
Automaker supplier Philippine HKR has invested P500 million in its production of precision machine parts for automotive vehicles exclusively for the Japanese car brand Toyota.
Philippine HKR will use the funds to expand its production of precision machine parts for automotive vehicles for Toyota Motor Philippines Corp in Sta. Rosa City in Laguna province.
Around 44 new jobs are expected to be produced in the new investments.