SunEdison is planning to expand operations and footprints into new and emerging solar power markets targeting Philippines as its latest market.
SunEdison recently entered into an agreement with Aboitiz Renewables, a subsidiary of Philippines-based Aboitiz Power to develop 300 MW solar power projects.
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The company’s deep knowledge of local markets, together with SunEdison’s proven track record and cutting edge technology, will enable to rapidly achieve the goal, said, Erramon I. Aboitiz, chief executive officer, Aboitiz Power.
The deal is in accordance with SunEdison’s target to deploy cost-effective solar energy solutions to meet the growing power needs of developing and emerging power markets.
Last month, the company signed a deal to develop 5 GW of solar power capacity over the next five years in India. It also participated in one of the solar power project auctions in the country.
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Earlier, the Philippine government had announced a plan to have 15 GW of renewable energy capacity by 2030 to meet half of the country’s total electricity demand.
The government has launched various programs to achieve this target. A new feed-in tariff regime was introduced which offered attractive tariffs for hydro, biomass, wind, and solar power projects.
Several international stakeholders have shown interest in the prospective projects and recently, the country’s largest wind energy project secured a loan worth $315 million from a large group of national and international banks.