Singapore-based Gurin Energy, a renewable energy firm has confirmed the financial close for its 75-megawatt (MW) solar farm situated in Palauig, Zambales Province, the Philippines.
It is spread over 80-hectare area, the farm will integrate approximately 136,363 ground-mounted, energy-efficient solar photovoltaic panels.
The financial close, achieved through a joint partnership approach and a comprehensive investment process, will culminate in a total investment of USD 60 million. This Palauig Solar Power Plant marks the first solar project for Gurin Energy in the Philippines to secure financial closure and is part of the company’s expanding 7-gigawatt portfolio across Asia.
The project’s groundwork began earlier in 2023, and groundbreaking is slated for later this month, and it is expected to begin by the third quarter of 2024. This initiative is projected to generate over 550 employment opportunities throughout its lifecycle.
The solar farm aims to provide clean, zero-emission electricity, capable of powering more than 35,500 homes annually. It is expected to mitigate 53,100 metric tons of climate-altering emissions each year.
Reden Garcia Rodriguez, Gurīn Energy Country Manager in the Philippines showed gratitude to partners, including Union Bank of the Philippines, and various national, provincial, and municipal authorities for their unwavering support.