Philippine Renewable Corporation has entered into an agreement to acquire the entire equity interest in a 180-megawatt ground-mounted solar project located in General Santos, Philippines.
The transaction marks J&V Energy's first utility-scale renewables investment in the Philippines, and comes on the back of J&V Energy's joint-venture with SolarNRG Philippines in June to develop and construct rooftop projects for commercial and industrial customers.
J&V Energy has engaged a local partner to complete development of the project, which is expected to participate in the Philippines Government's 2024-25 Green Energy Auction Program (GEAP) expected to be held in 1Q2025. Under the GEAP program, the project will have the opportunity to sign a 20-year fixed price power purchase agreement with the state-owned National Transmission Corporation.
The project has now completed land consolidation of over 170 hectares, and has obtained a solar energy service contract (SEOC) from the Philippines Department of Energy (DOE). Under the project's Offer of Service from the National Grid Corporation of the Philippines, the project is expected to provide 295 gigawatt hours of green electricity annually to the Philippines once commissioned in 2027.
"We are delighted to partner with reputable local developers to make our first utility-scale renewables investment in the Philippines. This transaction demonstrates our commitment to the Philippines, and brings J&V Energy closer to our target of commissioning 500MW by 2028. We would like to thank the Philippines Board of Investments (BOI) and Philippine Trade and Investment Center (PTIC) Taipei for facilitating our expansion in the country," Jerome Tan, Group chief information officer of J&V Energy and President of JNV Philippines, said.
According to the latest Philippines Energy Plan (PEP), the Philippines is poised to achieve a renewable energy share of over 35 percent of the total energy mix by 2030, with solar (+17.8 gigawatts or GW) and wind (+7.8GW) expected to play a key role in shaping the Philippines' energy future.
Headquartered in Taipei, J&V Energy is a publicly-listed leading circular economy and renewable energy developer. Its regional footprint spans across Taiwan, Japan, Philippines and Vietnam. In 2023, J&V Energy secured the No. 1 spot amongst the Top 100 Fastest Growing Companies by CommonWealth Magazine and is a constituent of the MSCI Global Small Cap Index.
