Armstrong Asset Management (AAM) has approved a loan of $29m for nv vogt Singapore for the construction of a series of solar power projects in the Philippines.
The first project is a 6.25MW South Cotabato ground-mounted and grid-connected solar power plant in South Cotabato in the southern region of Mindanao.
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Construction is slated to begin in August 2014 on the South Cotabato project, which is considered be the world’s largest diesel replacement power plant upon completion,
The 6.25 MW project is expected to commence commercial operations in December 2014.
AAM managing partner Andrew Affleck said: "With the projected power deficit forecast for 2015 in the Philippines, this project can serve as a benchmark for clean and quick decentralized energy solutions without the need for government subsidies.
nv vogt Singapore chairman Anton Milner said: "We believe solar power is a compelling need as well as attractive opportunity in the developing markets of Asia.
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By GlobalData"Our first project in the Philippines is doubly important because it will provide clean and unsubsidized solar photo voltaic (PV) electricity benefitting the wider community and it is one of the largest diesel-offset projects in the world to date, which is an important future market."
nv vogt Philippines president Vivek Chaudhri said the partnership with Armstrong "will fund several projects in our Philippines pipeline, allowing us to focus on what we do best – develop and realise utility scale PV projects."
Image: nv vogt secures financing for solar power plants in the Philippines. Photo: courtesy of graur codrin/Freedigitalphotos.net.
