RATCH Group Public Company Limited announced today that the 74-MWp Calabanga Solar Power Project in the Philippines has officially commenced commercial operations as of August 5, 2024.
The solar farm will primarily supply electricity to subsidiaries of Aboitiz Power Corporation under a 10-year power purchase agreement, with any surplus electricity being sold to the Wholesale Electricity Spot Market of the Philippines. RATCH holds a 49 percent equity stake in the project through its joint-venture company, Nexif Ratch Energy, which specializes in renewable energy investments in Southeast Asia. Consequently, RATCH’s equity stake translates to a 36.3 MWp capacity in the Calabanga solar farm.
Mr. Nitus Voraphonpiput, CEO of RATCH Group, highlighted that the Calabanga solar power plant represents a significant milestone for the company, aligning with its commitment to supporting the Philippines’ renewable energy goals. RATCH, in partnership with Nexif Energy Invest, is also exploring the development of several other projects, including the NPSI solar power plant with a 71.1-MWp equity capacity, a near-shore San Miguel Bay wind power project, and a Lucena offshore wind power plant project, each with an estimated 220-MW installed capacity.
“We are pleased to announce the successful completion of the Calabanga project, which has met all critical testing and commissioning standards. This plant will not only meet customer energy needs but also contribute to CO2 reduction goals. The revenue generated from this project, expected to be recognized in the third quarter of this year, will further strengthen the Company’s financial position,” Mr. Voraphonpiput stated.
The Calabanga Solar Power Project is situated in Camarines Sur province, located in the southern part of Luzon, Philippines.
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