P4.9-B solar farm to rise in Paoay, Ilocos Norte – BusinessWorld Online
RENEWABLE ENERGY developer PacificSun Renewables Corp. is planning to build a P4.9-billion solar power project in Paoay, Ilocos Norte, which could generate up to 120.96 megawatts (MW) of capacity once completed.
In its project description submitted to the Department of Environment and Natural Resources (DENR), the company said the Paoay Solar Power Project will occupy about 81.81 hectares across Barangays Mumulaan, Suba, and Nagbacalan, within a timberland block partially covered by Proclamation No. 150, which is under a co-management agreement between the DENR and the provincial government of Ilocos Norte for eco-tourism and reforestation development.
The company said the project aims to “enhance energy security and reliability, contribute to a cleaner environment, and boost local economic development by providing renewable energy power plants and creating employment opportunities in the region.”
PacificSun, an affiliate of Sta. Clara Power Corp. and Sta. Clara International Corp., was formed to develop, own, and operate renewable energy facilities in the country.
Construction and development activities are expected to take 12 to 18 months, including testing and commissioning, once all necessary permits are secured.
The schedule covers site development, civil works, and installation of photovoltaic modules and electrical systems.
The project will be financed through a 70% debt and 30% equity structure.
PacificSun currently has an authorized capital stock of P200 million, with P12.5 million paid up to fund pre-development activities.
The company plans to increase its capital stock to support full project implementation.
Based on initial projections, the solar plant is expected to yield an equity internal rate of return (EIRR) of about 15%.
The project is scheduled for public scoping on Oct. 23, an early step in the environmental impact assessment process. — Sheldeen Joy Talavera
