SunEdison, Aboitiz to Develop Solar Power Plants in Philippines

SunEdison Inc. and Aboitiz Renewables Inc. agreed to develop and operate as much as 300 megawatts of solar power plants in the Philippines in the next three years.

The U.S. solar company signed an agreement with Aboitiz Power Inc.’s unit as they seek to develop the first in a series of utility-scale solar power projects in the Southeast Asian nation starting next year, SunEdison said in a statement submitted by Aboitiz Power to the Philippine Stock Exchange.

“This follows similar arrangements by SunEdison in India and China through continued leverage of its ability to deploy cost-effective solar energy solutions to meet the growing power needs of developing and emerging power markets,” according to the statement.

The Philippines is rushing the construction of new power plants and told companies to prepare to rely on their own generators in the summer of 2015 when supply is likely to be limited and higher temperatures boost demand. Philippine power consumption jumped 50 percent in the 10 years to 2012, compared with a 16 percent increase in generating capacity, according to government data.

“We are constantly exploring new energy sources, and this exclusive agreement with SunEdison is an important milestone and a welcome addition to our current portfolio of renewable energy,” Aboitiz Power Chief Executive Officer Erramon Aboitiz said in the statement. “Our deep knowledge of local markets, together with SunEdison’s proven track record and cutting-edge technology, will enable us to rapidly achieve our goal.”

SunEdison shares fell 1.1 percent on Nov. 11, before the announcement, while Aboitiz Power rose 1.1 percent at the close of trading in Manila today. The Philippine Stock Exchange Index advanced 0.4 percent.

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