Japanese trading company Mitsui & Co. has selected the Philippines as the location for the company's first ultra-large-scale Solar Off Grid project in Southeast Asia.
Mitsui & Co. and Philippine utility company Global Business Power established a renewable energy joint venture. This solar project in the northern province of Rizal is expected to cost about 7 billion yen ($64.4 million), and Mitsui & Co. will bear about 40% of the cost.
This ultra-large-scale solar power station will be completed in March 2022, generating 115MW. The project’s power will be sold to the Philippines’ largest power distribution company, Manila Electric Power Company, within 20 years.
Currently, the Global Business Power plant uses heavy oil, coal and other fossil fuels. Mitsui & Co. will use the company's expertise in the field of renewable energy to participate in ultra-large-scale projects in the United States and Mexico.
The Philippines, with a population of more than 100 million, is expected to experience the most significant increase in electricity demand among Southeast Asian countries.
However, coal-fired power stations still dominate the power structure of the Philippines, while renewable energy accounts for just over 20%. According to the plan, the proportion of renewable energy in 2030 will be expanded to 35%. Global Business Power and Mitsui & Co. expect demand for solar power in the Philippines.
In response to the global transition to low carbon, Mitsui & Co. has participated in solar and offshore wind power projects in the United States and Taiwan.
The Japanese company has also participated in coal power plant projects in Indonesia, Malaysia and other parts of Southeast Asia. However, the company said in November that it plans to sell equity in these projects.
In terms of its overall power generation situation, Mitsui & Co. plans to increase the proportion of renewable energy from 15% in 2019 to 30% by the end of this decade.
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