Solar Pacific Energy Corp. is a subsidiary of Alternergy, the former Energy Secretary, Vince Perez. It aims to finish its solar PV project in Palau and battery storage by April 2023.
Solar Pacific’s chairman Perez said that the project, which marks the group’s first foray into overseas energy markets, is now at 65% completion.
To help Palau achieve its renewable energy goal of 45% by 2025, the project will supply up to 23,000 MWh.
Mike Lichtenfeld, CEO of Solar Pacific, stated that “Our Palau Project creates a strong partnership between the governments of Palau via a long-term electricity supply agreement, with the Palau Public Utilities Corporation, and with Australia through project financing through the Australian Infrastructure Financing Facility for the Pacific.”
SPPP and PPUC signed a 20-year PSA which can be extended for an additional five years.
The total funding package for the project was extended by Export Finance Australia via the AIFFP.
“Alternergy & Solar Pacific saw an opportunity to explore the electricity markets outside of the Philippines, and we are proud to be the Republic of Palau’s first independent power producer. Perez stated that the opportunity to supply renewable power to the Republic of Palau (one of our neighboring Pacific island nation nations) is consistent with our vision of powering the islands using renewable energy resources.
Lichtenfeld stated that the Palau hybrid project, which has a cost of $29 million, is also one of the largest direct foreign investments in Palau. It is creating local employment and tax revenue for the country.
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