The Laguna Lake Development Authority (LLDA) has awarded the lake lease agreements granting SunAsia Energy and its investment partner Blueleaf Energy the right to develop and construct one of the world’s largest floating solar projects.
In a ceremony held in Manila, the General Manager of the Lake Authority Senando Santiago officially handed the certificates of award to SunAsia Energy, which was the winning bidder for ten blocks of lake surface comprising a total of 1,000 hectares in Laguna Lake.
Laguna Lake is the largest freshwater lake in the Philippines with an area of over 90,000ha. The first allocation of 2,000ha for solar energy is small, about 2% of the total lake surface, however, the economic benefits of the project will be significant.
Once completed, the project will light thousands of homes, run factories, and increase the share of renewable energy in the total energy mix in the Philippines. The project has the potential to avoid greenhouse gas emissions of over 1 million tonnes of CO2 equivalent annually.
Blueleaf Energy is a portfolio company of Macquarie’s Green Investment Group (GIG), operating on a standalone basis. In the Philippines, Blueleaf Energy is managed by the Macquarie Capital operating group of the Macquarie Group.
Commenting on the agreement, Raghuram Natarajan, CEO of Blueleaf Energy said: “We are pleased to have reached this significant milestone of obtaining the lake lease agreements. This allows us to embark on the subsequent tasks of development, commercialisation, construction, and operation of the floating solar power plants, which will help fulfill the country’s ambitious renewable energy commitments.”