China Energy International Engineering Co. (CEEC) Ltd. and ISOC Energy of the Philippines has signed an agreement for the construction of a 1GW (gigawatt) floating solar project on Laguna Lake.
The project is expected to boost up energy growth and help the Philippines transition to a green energy system. The scope of work includes the design, procurement, construction, testing and commissioning of a 1GW floating solar power plant in the country’s largest lake.
It may be noted that in line with President Ferdinand R. Marcos Jr.’s commitment to renewable energy, the Philippines aims to achieve a 35 per cent share of renewables in the power mix by 2030 and 50 per cent by 2040. The country has opened renewable energy projects to foreign investments, with numerous active projects spanning various RE sources.
“As one of the world’s leading providers of energy and power infrastructure solutions, CEEC has maintained a positive tie with the Philippines’ renewable energy market, including floating solar,” said the firm.
The project will be the first large-scale floating solar power plant in the Philippines, which will further increase the share of renewable energy in power generation as a sustainable way to meet its social and economic needs.