AboitizPower and Sunedison sign financing for 59 MW solar farm in Negros Occidental

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AboitizPower and Sunedison sign financing for 59 MW solar farm in Negros Occidental

The joint venture of AboitizPower and SunEdison Philippines Helios BV, a subisidary of SunEdison, has secured a P3.7-billion loan (US$78.5 million) from BDO Unibank Inc. for the construction of its 59 MW solar project in Negros Occidental, Philippines.

The proceeds of the loan will be used to finance the construction, development, and operation of the 59 MWp solar photovoltaic power generation facility located at San Carlos City, Negros Occidental.

Sacasun, the joint venture between SunEdison and Aboitiz Renewables Inc., will be the first joint solar power project since both companies struck a deal in November 2014 to develop up to 300 MW of utility-scale solar photovoltaic power generation projects in the Philippines over the next three years.

Nari Group Corp. will be the engineering, procurement and construction (EPC) contractor.

The Negros solar energy project is set for commercial operations in the first quarter of 2016.

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