J&V Philippines Renewable Corporation has signed an agreement to acquire full ownership of a 180MW ground-mounted solar project situated in General Santos, Philippines.
J&V Energy Makes First Utility-Scale Investment in Philippines
This transaction represents J&V Energy's first utility-scale renewable investment in the Philippines. It follows J&V Energy's joint venture with SolarNRG Philippines in June to develop and construct rooftop solar projects for commercial and industrial clients.
J&V Energy has partnered with a local firm to finalize the project’s development, aiming to participate in the Philippines Government's 2024-25 Green Energy Auction Program (GEAP) scheduled for Q1 2025. Through GEAP, the solar project could secure a 20-year fixed-price power purchase agreement with the state-owned National Transmission Corporation.
Philippines Solar Project to Supply 295 GWh Annually by 2027
The solar project has successfully consolidated over 170 hectares of land and secured a Solar Energy Service Contract (SEOC) from the Philippines Department of Energy (DOE). With an Offer of Service from the National Grid Corporation of the Philippines, the project is projected to deliver 295 GWh of green electricity annually to the Philippines upon commissioning in 2027.
"We are delighted to partner with reputable local developers to make our first utility-scale renewables investment in the Philippines. This transaction demonstrates our commitment to the Philippines and brings J&V Energy closer to our target of commissioning 500MW by 2028. We would like to thank the Philippines Board of Investments (BOI) and Philippine Trade and Investment Center (PTIC) Taipei for facilitating our expansion in the country." said Jerome Tan, Group CIO of J&V Energy and President of JNV Philippines.
The latest Philippines Energy Plan (PEP) projects that the country will reach over 35% renewable energy in its total energy mix by 2030 with significant contributions from solar (+17.8 GW) and wind (+7.8 GW) shaping its energy future.
J&V Energy: Leading Renewable Developer with Market Presence
J&V Energy is a publicly listed leader in circular economy and renewable energy development with a market capitalization of approximately US$1,000 million as of September 30, 2024. The company employs over 350 experts in solar, wind, energy storage and water infrastructure and operates across Taiwan, Japan, the Philippines and Vietnam.
In 2023, J&V Energy was ranked #1 among the Top 100 Fastest Growing Companies by CommonWealth Magazine and is a constituent of the MSCI Global Small Cap Index.