Macquarie Capital, through Singapore-based Blueleaf Energy, and SunAsia Energy disclosed plans to invest $1.2 billion on putting up a 1,300-megawatt floating solar plant on Laguna Lake.
Macquarie Capital head of investments for infrastructure and energy Oliver Lewis signed a letter of intent during the state visit of President Ferdinand Marcos Jr. in Singapore on Sept. 7, 2022.
Philippine Trade and Investment Center commercial counsellor Carla Grepo said the investment commitment supports the government’s 8-point socioeconomic agenda.
“The project will not only aid in mitigating climate change, but also help the country economically recover from the effects of the pandemic,” she said.
The government acknowledged two Singaporean companies with active program on climate change mitigation, including Macquarie Capital.
The investment firm, through wholly-owned green portfolio company Blueleaf Energy Philippines, vowed to support the country’s goal to decarbonize the power industry.
Under the agreement, the floating solar plant to be installed on the water surface of Laguna Lake will cover the cities of Calamba, Sta Rosa and Cabuyao, and the towns of Bay and Victoria.
It said that with the 1,300-MW injection of solar power into the system, rotating blackouts would be mitigated, especially in the export processing zones in Laguna province. The Philippines recorded yellow alerts every summer due to the lack of electricity reserves.
The floating facility is also expected to create 10,830 new jobs in the construction sector and boost 1,700 jobs in the service sector, particularly during the operations and maintenance phases of the project.
The manpower figures were based on the Department of Energy’s estimate of new jobs per megawatt of solar energy developed.
Expected to be operational by 2024, the renewable power facilitywill be the biggest in Asia and may spur the interest of scientists, the academe and local tourists.
Macquarie stipulated the release of P2 billion to the Laguna Lake Development Authority once the construction begins to fund initiatives that will improve the water quality in the lake and accelerate the development and balanced growth of the lake area and the surrounding provinces, cities and towns.