J&V Energy enters the Philippines utility-scale solar market with 180MW acquisition
ByGeorge Heynes
November 22, 2024
Taiwan-headquartered developer J&V Energy has entered the utility-scale solar PV sector in the Philippines by acquiring a 180MW power plant in General Santos.
Details of the project have not been disclosed. The company’s national subsidiary, JNV Philippines Renewable Corporation, acted on behalf of J&V Energy to secure the solar PV project.
The project will be situated on 170 hectares of land, and a solar energy service contract (SEOC) has been obtained from the Philippines Department of Energy (DOE).
The plant is expected to be commissioned in 2027 and provide 295GWh of green electricity annually.
J&V Energy has engaged with a local partner to complete the project’s development. The project is expected to participate in the Philippines government’s 2024-25 Green Energy Auction Program (GEAP), which is expected to be held in the first quarter of 2025.
The Philippines’ GEAP, which held its first auction in 2022, is designed to stimulate growth and investment in the country’s renewable energy sector.
Specifically, it will help the country meet its green energy development roadmap, which aims to see renewables contribute 35% of its power mix by 2030, ramping up to 50% by 2040. The first round of the auction secured 2GW of capacity to be delivered from 2023 to 2025.
Under the GEAP initiative, J&V Energy will have the opportunity to sign a 20-year fixed-price power purchase agreement with the state-owned National Transmission Corporation.
Jerome Tan, chief investment officer of J&V Energy and president of JNV Philippines, said: “This transaction demonstrates our commitment to the Philippines and brings J&V Energy closer to our target of commissioning 500MW by 2028.”
The renewable energy sector in the Philippines is growing rapidly, thanks to supportive regulations. The government intends half of its power to come from renewables by 2040, which means an additional 74GW of renewable energy capacity will be needed. Solar PV continues its positive growth trajectory in the country, with PV Tech having reported in April that the country will add 2GW of solar PV capacity by the end of the year.