Week In ASEAN: Blueleaf Energy And SunAsia Energy To Build World’s Largest Floating Solar Project; VCI Global And Founder Energy Sign MoU For Alliance In Clean Energy; And More

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Blueleaf Energy And SunAsia Energy To Build World’s Largest Floating Solar Project In The Philippines


Blueleaf Energy and SunAsia Energy Inc. have secured contracts from the Philippine government to build and operate the world’s largest floating solar project in the Philippines, which has a cumulative capacity of 610.5 megawatts (MW). The move is viewed as a milestone in the country’s energy sector, with the Department of Energy (DoE) issuing the first set of Solar Energy Operating Contracts (SEOCs) for a total of 1.3 gigawatts (GW) in floating solar projects. In September 2022, Blueleaf Energy, a stand-alone portfolio company of Macquarie, signed a Letter of Intent (LOI) during President Ferdinand Marcos Jr.’s state visit to Singapore. The company made a commitment to significantly increase its sustainable infrastructure investments in the Philippines.

VCI Global And Founder Energy Sign MoU For Possible Strategic Alliance In Clean Energy Industry


VCI Global Limited announced that it has signed a non-binding Memorandum Of Understanding (MOU) with Reservoir Link Energy Bhd’s 51% owned subsidiary, Founder Energy Sdn Bhd (FESB) to possibly form a strategic alliance, which would tap into the respective unique strengths of VCI Global and FESB. Such strengths would be applied to explore and venture into new market opportunities in the clean energy industry to procure, manage and develop clean energy projects within the Southeast Asia region. VCI Global and FESB will negotiate the terms of a definitive agreement that would provide the terms for collaboration and cooperation in areas which are mutually beneficial through knowledge sharing and the tendering for new contracts in the clean energy industry. The Company believes that a strategic alliance with FESB will enable the further development of each party’s resources.


Metro Pacific Investments Corporation Acquires 42.82% Stake In SP New Energy Corporation

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Metro Pacific Investments Corporation or MPIC has signed definitive agreements to purchase up to P23.75 Billion for 19 Billion Shares and become the largest shareholder of SP New Energy Corporation or SPNEC with 42.82%. SPNEC disclosed to the Philippine Stock Exchange that the option agreement which granted MPIC or its affiliated companies the option had been signed by the conglomerate, Solar Philippines Power Project Holdings, Inc. and SPNEC. The agreement gives the MPIC Group an option to purchase up to 17.4 billion SPNEC Shares, consisting of up to 10 billion primary shares at a price of up to P12.5 Billion and up to 7.4 billion secondary shares at a maximum of P9.25 Billion, provided that SPNEC increases its authorized capital stock from 10-50 billion shares.

Mindanao Development Authority And HDF Energy Sign Deal For Olutanga Hydrogen Renewable Power Plant

Mindanao Development Authority or MinDA and a French Energy Firm signed a partnership for the Olutanga Hydrogen Renewable Power Plant Project, the first project of its kind to be undertaken in Southeast Asia and the Philippines. Hydrogene de France Energy (HDF), the provider of Renewable energy systems, has pledged to produce non-intermittent and firm electricity in Zamboanga Sibugay Province and Pagadian City. The Olutanga Hydrogen Renewable Power Plant Project is a renewable energy project that combines an intermittent renewable energy source, such as solar or wind, with hydrogen energy storage to provide stable and reliable electricity production.

Palm Concepcion Power Signs EPC Agreement For 5.57 MW Solar Project In Iloilo, The Philippines

Palm Concepcion Power Corporation, a PANAY-based energy provider, signs an EPC agreement for a solar photovoltaic power project of 5.57 megawatts. The PCPC Power Plant in Concepcion Iloilo has a solar project worth approximately P260 Million. The project should be completed by the end of 2023. PCPC, owner of the Circulating Fluidized Bed Combustion Power Plant in Concepcion Iloilo signed the EPC contract between China Energy Engineering Corporation and its affiliated firm China Energy Engineering Group Northeast No. 1 Electric Power Construction Co. Ltd. The solar farm is a project of Juxtapose Ergo Consultus Inc., which aims to reach its 800 megawatts target by 2030. JECI, which is the management company for Peakpower Energy Inc. and PCPC, is expanding its portfolio of renewable energy technologies. These can be directly connected to grids or embedded into distribution utilities.

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Malaysia Lifts Export Ban On Renewable Energy

According to Economy Minister Mohd Rafizi Ramli, the government lifted the export ban for renewable energy as part of an ongoing policy review aimed at debottlenecking the energy sector. Rafizi, at a press conference held with Minister Nik Nazmi Nik Ahmad, Natural Resources, Environment and Climate Change, said that the government was also committed to introducing more RE programs based on a willing buyer, and seller basis, to encourage private sector participation. Rafizi stated that the cross-border RE sales will be conducted through an electricity exchange system which the government will set up. Rafizi said that the Cabinet decided on the policy updates last week in light of the growing demand for RE across the region.

Singapore And Cambodia Signs MoU To Collaborate On Carbon Credits

Minister for Trade and Industry Gan Kim Yong and Cambodia’s Minister of Environment Say Samal signed a Memorandum of Understanding (MOU) in Singapore to collaborate on carbon credits. The MOU signals Singapore’s and Cambodia’s intent to collaborate on carbon credits aligned with Article 6 of the Paris Agreement, which allows countries to cooperate to achieve emissions targets set out in their Nationally Determined Contribution (NDC) while promoting sustainable development and environmental integrity. Under the MOU, Singapore and Cambodia have agreed to work towards signing a legally binding bilateral agreement that sets out a framework for the international transfer of correspondingly adjusted carbon credits by end-2023. Both countries will also identify mutually beneficial Article 6-compliant carbon credit projects that will support both countries in achieving their NDCs.

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Pangasinan Government Signs Agreement For $503 Million Solar Power Projects

The Pangasinan provincial government has signed a joint agreement for development with URIT Limited Philippines Corporation, CS First Green Agri-Industrial Development Inc., and China Energy International Group to establish solar power projects totalling US$503 million. In a Friday statement, Ramon Guico III, Governor announced that solar power plants will be built in the towns of Dasol and Infanta. He said, “There’s an energy crisis looming. There have been power outages in some parts of the province. Pangasinan will play a major role in meeting the energy needs of our country. According to Guico, the projects will add 321 megawatts to the renewable energy requirements for the province by 2027. Guico stated that it was part of the economic agenda of the Provincial Economic Development and Investment Promotion Office.

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