'This breakthrough floating solar project is a tangible opportunity for ACEN to adopt new technologies, contribute to the Luzon grid, and bolster the Philippines’ energy self-sufficiency while tackling the critical issue of climate change.'
AFTER selling a huge chunk of its stake in the Razon-controlled Manila Water Company Inc. (MWCI), the Ayala Corporation hinted at investing in a 1,000-megawatt floating solar development at Laguna de Bay.
According to ACEN Corporation, the Laguna Lake Development Authority (LLDA) already signed an agreement leasing 800 hectares of the country’s biggest freshwater basin where they intend to put up what they claimed would be the biggest in the country’s renewable energy sector.
Under the lease agreement with the LLDA, ACEN Corporation, and its subsidiary units will install eight blocks of 100 hectares each in the southern and eastern sections of the lake, applications of which have already been submitted to the Department of Energy (COE) for its approval.
ACEN’s subsidiaries include AC Subic Solar, AC Laguna Solar, SoalrACE4 Energy, Ingrid Power, and GigaWind 1.
“This breakthrough floating solar project is a tangible opportunity for ACEN to adopt new technologies, contribute to the Luzon grid, and bolster the Philippines’ energy self-sufficiency while tackling the critical issue of climate change,” ACEN chief executive officer Eric Francia said.
While the company did not provide any details as to when they would start the installation of the floating solar panels – much less a timetable for its commercial operation, Francia made a bold projection.
“That could take two or three years. I think floating solar is subject to the supply chain. The key question here is the supply chain availability of materials. But all else being equal, I think two years should be a comfortable timeline. Three years is a tad generous. But with transmission connectivity, three years is a more reasonable assumption.”
Interestingly, Francia admitted that the capital outlay is at least 20 to 30 percent more expensive as compared to ground-mounted solar installations, and based on the current capital spend for ground-mounted solar is at $800,000 per megawatt.
“Yes, it is more expensive…It’s about 20 percent more expensive. I think that’s more or less the right order of magnitude. It is very rare to see large-scale land of this magnitude available. So if you want to scale, sometimes it comes at a premium to other technologies,” averred the ACEN top honcho.
Francia expounded that the cost of floating solar “comes at a premium, except to say that we are sharpening our pencils to make sure that we are on the lower end of that premium, we want to be on the low end, to be as close to 20-percent.”
On the sphere that floating solar will not be gobbling up the country’s available land resources, Francia highlighted that ACEN is “committed to expanding our clean energy assets while addressing land scarcity.”
He did not say how much ACEN will invest since the companies involved are still in the pre-development stage, including the permitting process. “It’s too early to talk about the specific capex [capital expenditure] cost, that’s a work in progress.”
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