Calabanga Renewable Energy Solar PV
The Calabanga project is a 74.1MWp Ground-Mount Solar PV project located in Camarines Sur, South Luzon, Philippines that is under construction.
The project achieved financial close and commenced construction on 15 June 2023 and ss planned to achieve commercial operations by the second quarter of 2024. The project will be connected to the Luzon Grid Through a tap connection along the Naga-Tinambac 69kV line which is passing through the project site.
Power Offtake: Energy output from the project will be Sold Via a 10-year Power Supply Agreement with AP Renewables Inc. & Adventenergy Inc. For firm offtake of >85% of the Energy Generation at a fixed tariff. The balance Energy Shall be sold via WESM Or Direct Short-Term Contracts with commercial and contestable customers.
EPC: Construction is being undertaken via a Lump-Sum Turn-Key EPC contract with a Consortium of PowerChina Huadong Engineering Co. Ltd (“Offshore Contractor”) and PowerChina Philippines Corporation (“Onshore Contractor”).
Debt Financing: The project company signed the Financing Agreements on 12th May with security bank corporation. Completion of conditions precedent to financial close, and issuance of the notice to proceed for the construction of the project was issued of 15 June 2023.
Targets & Milestones
Below are key milestones as follows:
|16th June 2023
|Commercial Operations Date
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