Mirae Asia to build solar power plant in Ilocos Norte

Mirae Asia Energy Corporation on Wednesday said it will build a 20-megawatt solar power plant in Currimao, Ilocos Norte, estimated to cost P2.4 billion.

 

"This is in response to the call of government to put up renewable and indigenous sources of energy," Mirae Asia vice president Lito Badua told reporters in an interview

 

The company is now waiting for the Department of Energy to declare the project as a viable commercial undertaking  so the company can set the price at which it is selling its electricity based 

on the government-approved feed-in tariff rate, said Badua.

 

The Energy Department approved Mirae Asia's service contract last September.

 

The power plant will rise on a 60-hectare property in Barangay Paguludan, Currimao, Ilocos Norte, according to the company.

 

Badua said the construction phase will take at least nine months and the company expects the plant to be completed not later than 2014.

 

"Funding will be equity and loans from local and foreign banks," he added.

 

Like the wind power plants in Bangui, Ilocos Norte, the solar energy project can be a tourism showcase for Currimao, according to a company presentation on the project. — VS, GMA News