Week in ASEAN: Masdar Announces Plans to Develop 145 MW of Floating Solar Projects in Indonesia, City of Dreams (CoD) Manila To Partner with Meralco for 1.2 MW Solar Installation in Philippines, IFC Announces $212.5 Million Loan to Vietnam Bank to Boost Lending for Renewables and More

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City of Dreams (CoD) Manila To Partner with Meralco for 1.2 MW Solar Installation in Philippines

City of Dreams Manila launched its P76 Million solar panel installation officially, which further brought it a recognition of being the first integrated resort in the Philippines to use solar energy. This was done through a partnership with the Manila Electric Company’s (Meralco) solar energy solutions provider Spectrum. The 3,120 Solar PV panels on the resort’s parking building have a guaranteed generation capacity of almost 2,000 megawatt per hour (MWh), which equates to the average annual electricity consumption of around 7,000 typical households. Further expansion of this project is still being evaluated and reviewed, according to Benning Senior Vice President and Chief Operating Officer Kevin Benning, City of Dreams Manila.

Masdar Announces Plans to Develop 145 MW of Floating Solar Projects in Indonesia

Masdar announced that it had signed a power purchase agreement (PPA) with Perusahaan Listrik Negara (PLN), Indonesia’s state electricity company, for a 145 MW floating solar project, the first of its kind in the country. The project, which would also be the UAE-based company’s first floating solar project, will be built on a 225-hectare plot of the 6,200-hectare Cirata Reservoir in the West Java Region of Indonesia, according to Masdar’s statement. This floating solar project would be Masdar’s first venture into the Southeast Asian market.

IFC Announces $212.5 Million Loan to Vietnam Bank to Boost Lending for Renewables

The International Finance Corporation, a member of the World Bank Group, has announced that it would provide a loan to the Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) to help expand its lending capacity to small and medium enterprises (SME) for climate-friendly projects. The IFC explained that being one of the most carbon-intensive countries in the world, reducing greenhouse-gas emissions has been a national target to mitigate climate change impacts for Vietnam.

Thailand’s B.Grimm Acquires Ray Power Supply to Develop a Solar Farm in Cambodia

B.Grimm Power Public Company Limited has announced that its wholly-owned subsidiary, B.Grimm Solar Power 1 Company Limited, has completed the acquisition of Ray Power Supply Company Limited.This latest announcement comes in the wake of the company’s investment in a ground-mounted solar project being developed in Serie Saophoan, Banteay Meanchey Province of Cambodia. These green bonds were the first certified climate bonds to be issued in Thailand.

JinkoSolar Panels to Power 150 MW of Solar Parks in Cambodia

Jinko Solar Co. is set to deliver photovoltaic (PV) panels for three projects in Cambodia with a combined capacity of 150 MW. Jinko’s Cheetah solar panels will be installed at two PV parks in Pursat province Krakor district of 60 MW and 30 MW respectively. Jinko solar additionally mentioned in its press release that the third plant with a capacity of 60 MW will be located in the central province of Kampong Chhnang. The three solar parks will be established with the local government’s efforts to meet the growing energy demand in the country. Currently, the nation uses hydropower and coal energy to meet the energy demands.

Ayala energy arm investing P1.86B in Laguna solar farm

AC Energy Philippines, Inc. is investing up to P1.86 billion in a company that is developing a 120-megawatt (MW) solar farm in Laguna, the Ayalas’ energy arm in the country told the stock exchange on Tuesday. The company said it had signed an agreement with SolarAce1 Energy Corp. to subscribe to the latter’s 6 million Class A common shares and 180 million Class A redeemable preferred shares (RPS). It provided details on the planned solar plant investment in first disclosed on Oct. 10, 2019. AC Energy Philippines, the unit of AC Energy, Inc. for its local projects, said the common shares were paid in full while 35% of the redeemable preferred shares were paid in full. Payment of the balance amounting to P699,963,160.36 is to be within the year.

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