Renewable energy developer Blueleaf Energy Philippines is lining up a $1.5 billion power development program that allows it to build floating solar facilities with aggregate output of 1,550 megawatts.
One of the projects, the 250-MW NKS Solar One to be built at the Caliraya and Lumot Lakes in Laguna, is touted as the first utility-scale floating solar project in the country.
This project has already qualified for incentivized rates under the second round of the Green Energy Auction Program of the Department of Energy in 2023 and is scheduled to begin construction in the fourth quarter this year. This project completes in the first quarter of 2026.
The NKS Solar One project and its twin have been crafted with their solar panel placements such that they resemble the local sambalilo hat and the tilapia which are known icons of Laguna province.
The other project is a joint venture with Sun Asia designed that will generate an initial 910 MW of the planned 1,300 MW and will begin construction next year.
The projects have gained long-term support from various banks in addition to the equity contribution of Blueleaf Energy’s investors, Chris Chua, Blueleaf Energy Philippines president, told reporters in a briefing on Thursday..
Chua said more than 1,000 jobs will be generated in Laguna when NKS Solar One begins construction.
While actual construction has yet to start, Blueleaf Energy is already pursuing social development programs in the municipalities of Cavinti, Lumban and Kalayaan where the project is located.
Chua said Blueleaf opted to pursue floating solar projects due to competing land use and that unlike ground mounted solar, it requires less land preparation and has higher photovoltaic efficiency due to the cooling effect of water.
Blueleaf Energy Philippines is a portfolio company of Macquarie Capital operating on a standalone basis focused on developing and operating utility-scale solar projects.
