Mirae Asia Energy Corporation on Wednesday said it will build a
20-megawatt solar power plant in Currimao, Ilocos Norte, estimated to
cost P2.4 billion.
"This is in response to the
call of government to put up renewable and indigenous sources of
energy," Mirae Asia vice president Lito Badua told reporters in an
interview
The company is now waiting for the
Department of Energy to declare the project as a viable commercial
undertaking so the company can set the price at which it is selling its
electricity based
on the government-approved feed-in tariff rate, said Badua.
The Energy Department approved Mirae Asia's service contract last September.
The power plant will rise on a 60-hectare property in Barangay Paguludan, Currimao, Ilocos Norte, according to the company.
Badua said the construction phase will take at least nine months and
the company expects the plant to be completed not later than 2014.
"Funding will be equity and loans from local and foreign banks," he added.
Like the wind power plants in Bangui, Ilocos Norte, the solar energy
project can be a tourism showcase for Currimao, according to a company
presentation on the project. — VS, GMA News
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