Mirae Asia Energy to Build Solar Plant in Philippines
The Philippines Department of Energy (DOE) has approved South Korean-led Mirae Asia Energy Corp’s solar power project in Ilocos Norte.
Lito A. Badua, Mirae Energy vice president, told reporters that the DOE cleared the certificate of commerciality (COE) for the company’s 20-megawatt solar farm in the municipality of Currimao. Mirae is a South Korean firm specializing in renewable energy technologies. The DOE will allow the company to start construction on the renewable energy facility, which will cost P2.4 billion. The facility will be put up on a 60-hectare area along the province’s sand dunes.
“We are looking to start construction around fourth quarter,” Badua said.
Mirae aims to start commercial operations of the solar plant late next year. Once completed, the company may apply for tariff incentives from regulators to ensure its return on investment. Solar projects qualified for the incentive will enjoy a fixed rate of P9.68 per kilowatt-hour. However, only a total of 50 megawatts of solar project may avail of the incentive.
Mirae’s solar plant is the third such project approved by the DOE. The others include the 30-megawatt Rodriguez solar project of ATN Philippines Solar Energy Group Inc in Rodriguez, Rizal, and the 30-megawatt Leyte solar project of Philippine Solar Farm-Leyte Inc in Ormoc, Leyte.