At an official business roundtable held during the state visit of Philippine President Ferdinand Romualdez Marcos Jr. in Singapore, Macquarie Capital signed a Letter of Intent to invest in the Philippines through Blueleaf Energy. Blueleaf Energy will partner with SunAsia to develop an initial portfolio of up to 1.3 GW floating solar projects in Laguna Lake, which would potentially be the largest of its kind globally.
Blueleaf Energy is already developing renewable energy projects in the Philippines and these floating solar projects will form part of the 2 GW development pipeline identified by the company that will help offset over ~1.6 million tonnes of CO2 annually. The overall investment required for the projects over the next 5 years will be in excess of US$2 billion and is expected to create over 1,000 jobs locally during peak construction and over 200 jobs locally for long-term operations, including the development of a local supply chain towards meeting energy security needs of the country.
The roundtable was attended by selected Singaporean business leaders and yielded USD 6.54 billion1 in investment pledges, which included USD 1.2 billion from Blueleaf Energy attributed to the Laguna Lake floating solar projects.
Mr. Raghuram Natarajan, CEO of Blueleaf Energy said, “This investment in Laguna Lake floating solar will help deliver the President’s pledge to cushion the impact of global warming and we believe that our combined resources will help the Philippines transition more easily into a net-zero carbon future. Blueleaf intends to cooperate with local partners in working closely with the relevant agencies of the Philippine government and the private sectors for the development of RE projects in the Philippines. We look forward to the commercialisation of the project as it will drive significant further investment and skills growth in corresponding supply chains.”
Ms. Tetchi Capellan, CEO of SunAsia Said, “This partnership will bring together Blueleaf’s financial and deep in-house technical expertise as well as SunAsia’s local development experience. We are excited to see our collaboration drive large investment into the country to support green energy projects and contribute significantly to the Philippines’ RE goals.”