January start expected for Korean solar plant manufacturer
SOUTH KOREA-based Mirae Asia Energy Corp. plans to proceed with construction of its 20-megawatt (MW) solar power plant in Ilocos Norte next month, a senior company official told reporters late Thursday.
“We will be completing our financial closing within this month. We already have all the necessary permits,” Lito A Badua, Mirae Asia vice-president, said at the sidelines of the Energy Investment Forum 2013 in Makati City when asked for updates on the project.
“We are looking at January next year for construction. Our commitment with the DoE (Department of Energy) is to have the plant operational by July next year.”
The company last July secured a certificate from DoE confirming commerciality of the project, which serves as a green light to proceed with construction.
The certificate also prequalifies the project for feed-in tariff application, which means that once operational, electricity generated by the plant will be sold at a fixed rate of P9.68 per kilowatt-hour for 20 years.
The $50-million plant will be built on a 60-hectare land in barangay Paguludan in Currimao, Ilocos Norte.
The project is expected to generate 30 million kilowatt-hours annually.
Asked if Mirae Asia plans to expand the plant’s capacity, Mr. Badua replied: “The design of the transmission line going to NGCP (National Grid Corporation of the Philippines) can accommodate up to 60 MW, so we can do another 40 MW.