Singapore-based company Blueleaf Energy, owned by Macquarie Capital, and Philipine company SunAsia Energy have agreed to develop a 1.3 GW floating solar plant on Laguna Lake, located near Manila, Luzon, Philippines. The two companies plan to invest US$1.2bn for the project, which is expected to be commissioned in 2024.
The Philippines has recently been ramping up its development of renewable energy projects. In June 2022, the country allocated 2 GW of renewables in its first auction, including 1.5 GW of solar. In August 2022, Solar Philippines announced plans to secure 2,500 hectares of land to expand its 500 MW Nueva Ecija solar project to 4 GW.
At the end of 2021, solar represented about 5% of the Philippines installed capacity with 1.3 GW. The country has another 1.3 GW of solar capacity in construction and nearly 6 GW of solar projects under development.