Macquarie Capital, through Singapore-based Bluefleaf Energy, and SunAsia Energy have announced plans to develop a 1,300 MW floating solar plant on Laguna Lake in the Philippines.
The partners will invest around USD1.2 billion for the renewable energy plant. The floating solar plant is expected to be operational by 2024. Solar energy generated from the plant will be supplied to surrounding cities of Calamba, Sta Rosa and Cabuyao, as well as the towns of Bay and Victoria. The energy generated will mitigate rotating blackouts, especially in the export processing zones in Laguna province. Once operational, the renewable energy facility is expected to be the largest of its type in Asia. The companies will also fund the improvement of water quality at Laguna Lake as well as accelerate development in the surrounding provinces.