ET Solar has agreed to build a 70MWp solar power project in the Philippines with local partner, renewable energy developer Gate Solar Philippines.
The two companies will finance, construct, operate and invest in the project, which is ET Solar’s first in the Philippines.
Construction is expected to start in the final quarter of this year and commercial operation is expected to be achieved in March 2016. ET Solar will be the co-development partner and technology sponsor, as well as the investor in the project.
Dennis She, president and chief executive of ET Solar, said: “This is yet another large-scale project in Asia. It demonstrates our ability to handle every aspect of utility-scale solar plants from planning and financing, through construction, and all the way downstream to O&M. With our integrated capabilities and global experience, we are able to achieve the lowest possible LCOE.
He said that the company was not only competing against other players for the contract, but also racing against time to be eligible for the highest tariff rate.
He added: “Once again, our ability to integrate all the required resources and move faster than other companies got us to the finish line first.”
The news follows ET Solar’s securing turnkey EPC services for a 50MWp solar power plant in Israel earlier this month.
Market research firm has tipped the Philippines as one of the emerging markets to watch in 2015.