Mitsui & Co. which is a Japanese trading house has chosen the Philippines as the site for its first mega solar project in Southeast Asia. For the same, it has formed a renewable energy joint venture with Philippine utility Global Business Power. The solar project in the northern province of Rizal is expected to cost roughly 7 billion yen ($64.4 million). Mitsui will contribute about 40% of the bill.
This solar farm will be completed in March 2022and will generate 115 megawatts of electricity. The power will be sold to Manila Electric, the country’s largest distributor, over two decades.
In the Philippines, presently coal plants dominate the power mix while renewable energy contributes just over 20%. Plans call for expanding the share of renewables to 35% by 2030. Global Business Power and Mitsui anticipate demand for solar power.
The Japanese company Mitsui was involved in coal plants in Indonesia, Malaysia and elsewhere in Southeast Asia, but has plans to negotiate sales of those interests. The company plans to raise the share of renewables to 30% by the end of the decade, up from 15% in 2019.