December 19, 2022 | Bilyonaryo.com
Solar Pacific Energy Corp., a subsidiary of former Energy Secretary Vince Perez-led Alternergy, aims to complete its solar PV and battery storage project in Palau by April next year.
Perez, chairman of Solar, said the project, which is the group’s first ever foray into the overseas energy market, is now 65 percent complete.
The project will provide up to 23,000 MWh of clean and renewable power to Palau, representing more than 20 percent of its annual energy demand, to help achieve its renewable energy target of 45 percent by 2025.
“Our Palau Project builds a strong partnership with the governments of Palau through a long-term power supply agreement (PSA) with the Palau Public Utilities Corporation (PPUC) and with Australia through project financing under the Australian Infrastructure Financing Facility for the Pacific (AIFFP),” said Mike Lichtenfeld, CEO of Solar Pacific.
PPUC and SPPP signed a 20-year PSA , which is extendible for another five years.
Export Finance Australia through the AIFFP extended a total financing package of $22 million for the project.
“Alternergy and Solar Pacific saw the opportunity to explore the electricity market outside the Philippines and we are honored to be the first independent power producer (IPP) in the Republic of Palau. The opportunity to provide renewable power to the Republic of Palau, one of our neighboring Pacific island nations, is consistent with our vision to powering the islands with renewable energy resources,” Pérez said.
“Our Palau hybrid project is also one of the biggest direct foreign investments in Palau with a project cost of $29 million and is generating local employment and tax revenues to the country,” Lichtenfeld said.