Sunray Power, Inc. to build P11.75-B solar power facility in Clark Green City--BCDA
Posted: December 09, 2015 | Category: Investment And Projects
The state-owned Bases Conversion and Development Authority (BCDA) said it signed today a lease agreement with Sunray Power, Inc. (SPI) for the lease of a 260-hectare area in Clark Green City to build a 100-megawatt solar power facility worth P11.75 billion.
“We look forward to the long-standing partnership with SPI to provide clean and renewable energy not only to Clark Green City but also to the neighboring areas in Central Luzon,” BCDA President and CEO Arnel Paciano D. Casanova said.
Under the agreement, SPI has committed to invest USD250 million (roughly P11.75 billion) within two years. BCDA will receive annual lease payments and shares in the revenues of generated power.
SPI also has committed to employ 1,000 workers during the construction period and at least 250 workers during operations.
The term of the lease is 25 years. The lease may be renewed for another 25 years subject to renewal negotiations. The location is a reserved space for green development programs such as renewable energy, urban farming and forest reserves.
Casanova said renewable energy facilities such as the solar farm will lead to the establishment of technology development centers focusing on green and smart technology. As part of the agreement, BCDA and SPI will invest to train young Filipinos to be abreast in the latest developments in green and smart technology in line with its Corporate Social Responsibility (CSR) program.
He said the use of renewable energy such as solar power to energize Clark Green City shows BCDA’s commitment to address the effects of climate change and global warming.
“We are very mindful of the impact of climate change in the Philippines and there is no other recourse but to adopt renewables as the main source of energy to power Clark Green City,” Casanova said.
He noted that the BCDA commitment to renewables is also in line with the thrust under the recent COP21 Paris Climate Summit to transition to a green and sustainable economy to address climate change.
SPI is a Philippine corporation formed to develop, construct and own utility-scale power generating facilities for the production, generation, sale and storage of electricity harnessed from renewable energy sources such as solar, wind and waste-to-energy technology. SPI, and its consortium of green technology companies, possesses expertise in the renewable energy and power industry and possesses proprietary licenses for solar photovoltaic, wind, waste-to-energy, and storage equipment not available in the Philippines.
It will be recalled that the BCDA has also signed a similar agreement to build a solar power plant in Clark Green City.
Last July, the BCDA and SSR C-Solar Power, Inc. signed a lease agreement that will establish a solar energy farm in Clark Green City capable of generating some 20 megawatts of electricity. SSR C-Solar Power, Inc. committed to invest some P1 billion for the solar energy project within the next two years.
The entire Clark Green City is a 9,450-hectare master planned property within the Clark Special Economic Zone in the province of Tarlac, Philippines and is envisioned to be the first smart, disaster-resilient and green city in the Philippines.
At full development, Clark Green City will have some 1.12 million residents, 800,000 workers and contribute a gross output of approximately P1.57 trillion per year to the national economy or roughly four percent share in the county’s Gross Domestic Product (GDP).
Located at the Clark Special Economic Zone, Clark Green City is positioned strategically between highly urbanizing cities of San Fernando, Angeles and Olongapo in Central Luzon as well as the cities of San Carlos, Dagupan and Urdaneta in Northern Luzon. It is also near the Clark International Airport and the Subic Seaport.
The strategic location and its connectivity to major cities in Central Luzon through the country’s expressways like NLEX, SCTEX, TPLEX and soon the CLEX will allow the convergence from north, east, south, and west, and serve a catchment population of some 12 million people.