San Carlos Solar Energy Inc. (Sacasol), a joint venture between Bronzeoak Philippines Inc. and European asset management firm Thomas Lloyd Group, is investing $62 million in expanding its first solar power project in Negros island.
Bronzeoak director Don Mario Y. Dia said in a briefing that Sacasol was expanding its first project (called Sacasol 1), which currently has 22MW of solar capacity (built at a cost of about $46 million), with another 23MW that will cost $62 million. In total, Sacasol 1 has a capacity of 45MW.
The company will issue the notice to proceed with its 23-MW expansion on Nov. 3 to Conergy, which is headquartered in Hamburg, Germany, but is privately held and majority owned by Miami based asset management firm Kawa Capital Management, Inc.
The second unit, called Sacasol 2, will have a capacity of 18MW. A third unit, Sacasol 3, is set to be developed with a capacity of 25MW at a later time.
“The high level of support from the community and local government of San Carlos deserves credit for the plant’s quick implementation,” said Jose Maria T. Zabaleta.
The Visayas is seen to have potential for an economic boom but needs infrastructure support, particularly power generating facilities. The Thomas Lloyd Group and Bronzeoak said this created an attractive opportunity for solar development on Negros Island. The San Carlos Ecozone location also happens to be situated at the right coordinates for maximum solar radiation.
Bronzeoak, established in 2003, is a leader in the development and implementation of renewable energy projects in the Philippines, working with a broad range of international partners and investors for its ventures.
It has gathered vast experience through successful clean energy production and in 2006, completed the first sugarcane, ethanol and power cogeneration plant in Asia.
Since then, the company has expanded by developing several new renewable energy power plants to help achieve the country’s goals of energy independence and sustainability.
Bronzeoak has further diversified its business by pursuing other renewable technologies and continues to develop projects beyond the biomass sector and traditional sphere of the industry.
Thomas Lloyd is a leading global investment banking and investment management group, solely dedicated to the renewable energy sector in Asia.
The company portfolio includes Capital Raising, M&A and Corporate Finance for private and public companies, as well as project financing and management for project developers, and asset management, wealth management and funds for private customers and institutional investors.
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