Armstrong Provides $29 Million for Philippine Solar Power FarmsLouise Downing
Armstrong Asset Management, a private-equity company based in Singapore, is providing $29 million to fund the development of a series of solar power projects in the Philippines.
The projects will be built by nv vogt Singapore Pte Ltd., 40 percent owned by the German solar company ib vogt GmbH, Armstrong said today in an e-mailed statement. The first facility will be a 6.25-megawatt ground-mounted solar park that’s expected to start working by year-end.
“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,” Andrew Affleck, managing partner of Armstrong, said in the statement.