Australian firm Macquarie’s Green Investment Group, through its local unit Blueleaf Energy Philippines, is set to pour in USD 1.5 billion to develop massive floating solar power plants in Laguna province, south of Luzon.
Partnering with NKS Energy Utilities and SunAsia Energy, Blueleaf aims to construct two solar projects with a combined capacity of 1,500 megawatts (MW). The first, a 250 MW facility, will be built on Lakes Caliraya and Lumot, with operations targeted for early 2026. The second, a larger 1,300 MW project, will be situated on Laguna de Bay to start construction next year and become operational in 2026. While floating solar projects require higher capital compared to ground-mounted ones, Blueleaf believes the advantages outweigh the costs. These include eliminating land requirements, creating aquatic habitats, and faster construction timelines. The company also highlighted the potential of these projects to bolster the Luzon grid and support the government’s renewable energy goals.
These projects align with the Philippine government’s push for renewable energy, as the country seeks to meet growing electricity demand while mitigating climate change. Blueleaf Energy likewise claims that the projects will be the first large-scale floating solar, demonstrating the company’s best LCoE (levelized cost of electricity) for this technology.
(Source: Business World Online, Phil. Daily Inquirer)
