ILOILO CITY, Iloilo—Government-owned Land Bank of the Philippines (LandBank) is allocating P550 million for a solar-power plant in Miag-ao, Iloilo.
LandBank Iloilo Lending Center Account Officer Leo Francis B. Deslate told the Philippines News Agency the universal bank is financing the first phase of the solar-energy project of Cosmo Solar Energy Inc.
This is the first time for LandBank to finance a solar-energy project in the country, Deslate noted.
The first phase of Cosmo’s solar farm in Miag-ao has a capacity of 6 megawatts (MW) and is expected to start operation by end-August this year.
Deslate, however, did not say how much Cosmo invested for the Phase 1 of the solar-power plant, but noted that the P550-million funding from LandBank comprised about 80 percent of the firm’s total investments for the first phase of the project.
He said Cosmo is set to start the second phase of the solar-power project also by August, which has a 6-MW capacity.
“Phase 2 mostly will involve installation of more photovoltaic panels,” he said, adding that LandBank is also looking at financing the second phase of the project.
“Cosmo will be submitting final plans costing for Phase 2 to LandBank,” Deslate said.
Aside from the 12-MW solar-energy project, Cosmo will be constructing a 12-MW liquefied natural gas (LNG) power plant as Phase 3 of its energy project in Miagao.
Total investments for the Phase 2 solar farm and LNG power plant are yet to be disclosed by Cosmo.