Solar Philippines joint venture signs purchase agreements for 25-MW farms in Bali

Solar Philippines (SP) over the weekend inked power purchase agreements (PPAs) with Indonesia’s national power utility Perusahaan Listrik Negara (PLN) for two solar farms in the eastern and western sections of Bali.

The agreement was made through SPPHI’s joint venture PT Medco Energi Internasional Tbk for a 25-megawatt farm in East Bali, and another 25-megawatt farm in West Bali.

The agreement was signed on Saturday, March 26, 2022, in Yogyakarta, Indonesia as part of a Group of 20 (G20) event in the country.

SP also gave Solar Philippines Nueva Ecija Corp. (SPNEC) the option to subscribe for its share in the joint venture where it holds 49%, pending PLN approval.

“While this project is neither financially significant nor within our strategic focus of developing solar projects in Luzon, we hope this shows two things,” SPPHI Founder Leandro Leviste said in an emailed statement.

Leviste said the project would demonstrate the company’s ability to develop projects, and that it had opportunities beyond what was factored into the share swap valuation.

SPPHI started to develop the solar projects in Bali in 2017 and formed a joint venture with Medco in 2019 to submit a bid in PLN’s first competitive auction for utility-scale solar power.

SP’s wholly-owned subsidiary SPNEC made its debut in the Philippine Stock Exchange in December 2021, generating P5.3 billion from its oversubscribed initial public offering.

SPNEC is an integrated developer, owner, and operator of solar projects. Shares in the firm closed Friday up by 3 centavos or 1.52% at P2.00 apiece. — DVM, GMA News