Mirae Asia Complete 20MW Project

Renewable energy developer Mirae Asia Energy Corp. has completed a 20-megawatt solar power facility in Currimao, Ilocos Norte, ahead of the March deadline for availment of the feed- in-tariff rates.

The $20-million project was developed through a partnership between San Lorenzo Ruiz Builders and Developers Group Inc. and Soleq, one of Southeast Asia’s largest independent solar utility generation platforms.

“We are happy to be able to contribute clean and sustainable energy to this community and create additional employment opportunities for its constituents,” Mirae Asia chairman Anthony Violago said in a statement.

The company is hoping to avail of the FIT rate of P8.69 per kilowatt-hour under the second wave of approved installation targets.

The project is expected to make a significant contribution to meet the current energy demand in the Philippines by using solar as a clean and cost-competitive alternative energy source to coal.

The 20-MW plant is designed to produce 33,000 megawatt-hours of solar energy per year, which will power an estimated 29,328 households.

The project also created substantial local employment opportunities in Ilocos Norte during the construction stage.

Mirae Asia committed to a significant corporate, social, responsibility program in order to support local communities in the province and municipality to help improve health, infrastructure and education as well as significant investment in new tree planting.

San Lorenzo pioneered the construction of the $150-million Casecnan hydropower project although the company’s shares were already sold.

Soleq, meanwhile, is one of Southeast Asia’s largest independent solar utility generation companies.

Soleq, an Equis invested company, has commissioned 12 projects across Thailand and the Philippines.

Founded and headquartered in Singapore, Equis is Asia’s largest independent renewable energy developer and investor with more than $2.7 billion of funds under management.

Mirae Asia was previously owned by a group of Korean investors but the project experienced delays due to undisclosed reasons.

The Energy Department issued a certificate of commerciality to Mirae Asia in July 2013 allowing the company to proceed with the construction of the solar project in Currimao.

The solar project, covering 60 hectares, is located in Barangay Paguludan, Currimao, Ilocos Norte.