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					</table><p><a href="https://www.blueleafenergy.com/" target="_blank" rel="noopener">Blueleaf Energy</a> and <a href="http://sunasiaenergy.com/" target="_blank" rel="noopener">SunAsia Energy</a> have been awarded contracts by the Philippine government to construct and manage what is claimed to be the world’s largest floating solar project with a combined capacity of 610.5 MW.</p>
<p>The move is viewed as a milestone in the country’s energy sector with the issuance of Solar Energy Operating Contracts (SEOCs) by the Department of Energy (DOE) for a cumulative capacity of 1.3 GW in floating solar projects.</p>
<p>Blueleaf Energy and SunAsia Energy will collaborate on the construction of a sizable floating solar installation on Laguna Lake, which extends across the developing urban cities of Calamba, Sta. Rosa and Cabuyao, as well as the towns of Bay and Victoria.</p>
<p>At the contract turnover ceremonies, Energy Secretary Raphael Lotilla restated his commitment to enhancing the renewable energy sector and declared the DOE&#8217;s unwavering support for commercializing floating solar facilities as an emerging technology.</p>
<p>Blueleaf Energy CEO, Raghuram Natarajan, said that the Philippines holds great potential to add significant renewable energy capacity to its energy mix and, at the same time, deliver green energy at an affordable cost compared to fossil fuels.</p>
<p>Natarajan also noted that removing foreign ownership restrictions is an important step in attracting much-needed foreign direct investments in the Philippine renewable energy sector to accelerate the country&#8217;s energy transition to meet decarbonization and net-zero targets.</p>
<p>Emphasizing cooperation among public and private stakeholders to ensure the successful development of the project, Natarajan added that this project would contribute to the country&#8217;s renewable energy goals and spark green job growth locally during construction and long-term operations.</p>
<p>Blueleaf Energy has developed and built almost 2 GW of solar capacity globally, including 250 MW in the Philippines.</p>
<p>SunAsia Energy&#8217;s President and CEO, Tetchi Capellan, pointed out that there is a strong incentive to build floating solar projects on the water as land use is becoming a big issue for renewables.</p>
<p>SunAsia Energy has been operating a testbed on Laguna Lake since 2019, aiming to contribute to the growing knowledge of floating solar panels on the lake.</p>
<p>SunAsia Energy has partnered with various entities to develop solar projects since its inception in 2013, including the 60 MW Toledo solar project in Cebu and the 20 MW Dagupan solar project in Pangasinan.</p>
<p>In June 2022, the Philippines’ DOE <a href="https://www.mercomindia.com/philippines-awards-renewables-under-green-energy-auction" target="_blank" rel="noopener">awarded</a> 19 contracts to develop 1.57 GW of renewable energy projects under the first round of the 2 GW Green Energy Auction Program. The auction was held for solar, hydro, wind, and biomass projects in the country’s Luzon, Visayas, and Mindanao regions.</p>
<p>Earlier in February, through its Green Energy Auction program, the department <a href="https://www.mercomindia.com/philippines-launches-tender-renewables" target="_blank" rel="noopener">launched</a> an auction to allocate 2 GW of renewable energy capacity across its three main power territories.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Philippines Awards Contracts for 610 MW Floating Solar Project

<p><a href="https://www.blueleafenergy.com/" target="_blank" rel="noopener noreferrer">Blueleaf Energy</a>, a Singapore-based renewable energy company, announced that it acquired a majority stake in an Indian clean energy solutions provider, <a href="https://www.vibrantenergyholdings.com/" target="_blank" rel="noopener noreferrer">Vibrate Energy Holdings</a>, from <a href="https://atni.com/" target="_blank" rel="noopener noreferrer">ATN International</a>.</p>
<p>Blueleaf Energy specializes in the development, finance, construction, and operation of both commercial and industrial (C&amp;I) and utility-scale solar systems across the Asia Pacific region. Blueleaf Energy also actively acquires and develops onshore wind and battery storage projects.</p>
<p>BlueLeaf Energy would combine its global consumer base and technical expertise with Vibrant Energy’s strong project pipeline and local knowledge through this acquisition. The company, owned by Macquarie’s Green Investment Group (<a href="https://www.greeninvestmentgroup.com/" target="_blank" rel="noopener noreferrer">GIG</a>), stated that the acquisition would provide commercial and industrial consumers an opportunity to manage their energy needs and achieve decarbonization targets.</p>
<p>“With the acquisition of Vibrant Energy, we have secured a talented team and an impressive development pipeline in one of the significant markets for the solar energy industry,” said Sol Proops, Interim Chief Executive Officer of Blueleaf Energy.</p>
<p>According to the press statement, Vibrant Energy Holdings has 66 MW of operational solar projects, and another 400 MW of solar projects are under pipeline across India.</p>
<p>“The acquisition positions Vibrant Energy to become an innovative commercial and industrial platform in India by cross-leveraging the expertise of BlueLeaf and ATN. With the guidance of BlueLeaf, Vibrant aims to lead the transition of C&amp;I consumers to a sustainable future,” said Srini Viswanathan, Chief Executive Officer of Vibrant Energy Holdings. BlueLeaf Energy said it has so far developed and operated around 2 GW of solar projects worldwide, which also includes over 500 MW of solar projects in the Asia Pacific region.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">9M and Q3 Solar Funding and M&amp;A Report</a>, 42 corporate solar mergers and acquisitions (M&amp;A) transactions (11 disclosed for $7 billion) were announced across the globe in the first nine months of 2020, compared to 57 transactions (ten disclosed for $600 million) in 9M 2019. In the third quarter of 2020, 17 solar M&amp;A transactions were executed (five disclosed for $6.8 billion) compared to 13 transactions in the last quarter.</p>
<p>In August 2020, Malaysia-based Yinson Holdings Berhad <a href="https://mercomindia.com/yinson-increases-stake/" target="_blank" rel="noopener noreferrer">announced</a> that it would acquire an additional 57.5% equity interest in Rising Sun Energy Private Limited, an Indian company engaged in solar development.</p>
<p>Earlier this year, Orix Corporation, a Japan-based financial services group, <a href="https://mercomindia.com/orix-acquire-stake-greenko/" target="_blank" rel="noopener noreferrer">announced</a> that it had signed a framework agreement with renewable energy project developer Greenko Energy Holdings to acquire approximately 20% of its shares.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Singapore’s Solar Developer BlueLeaf Enters India with Majority Stake in Vibrant Energy

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