Manila, Philippines – Solar Energy service provider and technology manufacturer SunEdison Inc. has partnered with Aboitiz Renewables Inc. to develop up to 300 megawatts (MW) of solar power projects over the next three years.
SunEdison said in a statement submitted by Aboitiz Power to the Philippine Stock Exchange, “The US solar company signed an agreement with Aboitiz Power Inc. (AP)’s unit as they seek to develop the first in a series of utility-scale solar power projects in the Southeast Asian nation starting next year.”
“This follows similar arrangements by SunEdison in India and China through continued leverage of its ability to deploy cost-effective solar energy solutions to meet the growing power needs of developing and emerging power markets,” according to the statement.
The country is rushing the construction of new power plants and advised companies to prepare to rely on their own generators in the summer of 2015 when supply is likely to be limited and higher temperatures boost demand.
Philippine power consumption jumped 50% in the 10 years to 2012, compared with a 16 percent increase in generating capacity, according to government data.
“We are constantly exploring new energy sources, and this exclusive agreement with SunEdison is an important milestone and a welcome addition t our current portfolio of renewable energy,” Erramon Aboitiz, Aboitiz Power Chief Executive Officer said in a statement.
“Our deep knowledge of local markets, together with SunEdison’s proven track record and cutting-edge technology, will enable us to rapidly achieve our goal.”
Before the announcement, the shares of SunEdison fell 1.1% on Nov 11 while Aboitiz Power rose 1.1 percent at the close of trading in Manila.
The Philippines Stock Exchange Index advanced 0.4 percent.