NANJING, China | April 16, 2015 — ET Solar has executed an agreement to build a 70 MWp solar power project in the Philippines, along with local partner GATE SOLAR PHILIPPINES CORP., a leading renewable energy developer.
ET Solar is partnering with GATE SOLAR PHILIPPINES CORP. to develop, invest, finance, construct, and operate the project.
The construction is expected to be started in the last quarter of this year and the commercial operation is expected to be achieved in March 2016. ET Solar will be the co-development partner and technology sponsor, as well as the investor in the project.
Dennis She, President and CEO of ET Solar, said, “This is yet another large-scale project in Asia, and our first in the Philippines. It demonstrates our ability to handle every aspect of utility-scale solar plants from planning and financing, through construction, and all the way downstream to O&M. With our integrated capabilities and global experience, we are able to achieve the lowest possible LCOE.
“In this particular project, we were not only competing against other players for the contract; we were also racing against time to be eligible for the highest tariff rate. Once again, our ability to integrate all the required resources and move faster than other companies got us to the finish line first.”