RENEWABLE ENERGY developer PacificSun Renewables Corp. is planning to construct a P4.9-billion solar energy project in Paoay, Ilocos Norte, which could generate as much as 120.96 megawatts (MW) of capability once accomplished.
In its project description submitted to the Department of Environment and Natural Resources (DENR), the corporate said the Paoay Solar Power Project will occupy about 81.81 hectares across Barangays Mumulaan, Suba, and Nagbacalan, inside 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 corporate said the project goals 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 within 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 within the country.
Construction and development activities are expected to take 12 to 18 months, including testing and commissioning, once all needed permits are secured.
The schedule covers site development, civil works, and installation of photovoltaic modules and electrical systems.
The project might be financed through a 70% debt and 30% equity structure.
PacificSun currently has a licensed capital stock of P200 million, with P12.5 million paid as much as fund pre-development activities.
The corporate plans to extend its capital stock to support full project implementation.
Based on initial projections, the solar plant is predicted 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 within the environmental impact assessment process. — Sheldeen Joy Talavera