Equis Funds Group (Equis), an Asian energy and infrastructure fund manager, has inaugurated a 20-megawatt (MW) solar project in Currimao, in the Ilocos Norte Province in the Philippines.
The $51.9 million plant was developed by Mirae Asia Energy Corporation (Mirae), a joint venture between San Lorenzo Ruiz Builders & Developers Group and Soleq, Equis’ solar power arm and one of the region’s largest independent solar utility generation platforms.
According to local press reports, Soleq has committed up to $37.6 million in Mirae for the construction and delivery of the project.
Awarded in 2012, the project is now eligible for the Filipino government's feed-in programme, under which power could be sold at the tariff rate of PHP8.69 (€0.16; $0.18) per kilowatt-hour.
Supplying clean energy into the Luzon grid, the project is expected to cater for the electricity needs of 29,328 homes in Ilocos Norte, with 33,000 megawatt-hours of renewable energy.
The Currimao project brings Equis’ operating renewable energy portfolio in the Philippines to three projects comprising 104MW. The investment follows the completion of a 30MW solar project in Leyte and a 54MW wind project in Rizal in 2015.
While the Currimao project marks the firm's 23rd commissioned renewable energy project in the last three years, Equis has 61 other projects under development and construction.
“As the Philippines and the rest of Asia continue to increase the renewable energy share of each market’s power supply, Equis will be increasing its investment into local markets ensuring cost effective renewable energy for future generations,” said David Russell, chief executive officer of Equis.
The firm said it will continue to support the Philippines’ renewable energy industry with additional projects scheduled for commissioning in 2016.
Last July, Soleq formed a venture with Gregorio Araneta to co-invest $220 million in building solar farms in the Philippines.
Headquartered in Singapore, Equis now manages more than $2.7 billion. The group and its invested platforms employ over 480 staff across 13 Asian offices.