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Through Blue Leaf Energy Asia Pte Ltd. in Singapore, Macquarie Capital is investing at most $1.2 billion in a floating solar power plant of 1,300 megawatts on Laguna Lake.
Blue Leaf Energy and SunAsia Energy will jointly develop the solar facility. It is expected to be operational by 2024.
Oliver Lewis, Macquarie Capital, signed a letter confirming the commitment to invest, during President Ferdinand Marcos Jr.’s state visit to Singapore. This was witnessed by other Singapore-based foreign investors.
Blue Leaf Energy and SunAsia Energy negotiated a memorandum to jointly develop the solar facility in June 2021.
The agreement will see the floating solar panel installed on Laguna Lake’s water surface, between Calamba, Cabuyao, Sta. Rosa as well as the towns of Bay & Victoria.
Macquarie stated in a statement that the Laguna Lake Development Authority will receive the first P2 Billion of the funding as soon as construction begins.
It will be used to fund initiatives that improve the water quality of Laguna Lake and promote and accelerate the development and balanced growth of surrounding cities, provinces, and towns.
Macquarie stated that Laguna Lake’s structure will be the largest in Asia. It is expected to become an engineering marvel in the world and attract many scientists, academics, and tourists from the area.
The company pledged to support the Philippines’ efforts to decarbonize its power sector. Macquarie observed that yellow alerts have been issued to the Philippines due to low power reserves.
It added that rotating blackouts will be reduced by the injection of 1,300 MW of solar energy into the system, particularly in Laguna’s export processing zones.
Blue Leaf Energy has built, operated, and maintained nearly 2 gigawatts in solar power capacity over the past 20 years. This includes 250 MW in the Philippines and 500 MW in the Asia Pacific.
SunAsia Energy is a country-based developer of solar energy. It has partnered with several entities since its inception in 2013. These include the 60 MW Toledo solar plant in Cebu as well as the 30 MW Dagupan solar farm in Pangasinan.