Solar Philippines Power Project Holdings, Inc. has reportedly dived into Indian renewable energy market with 500 MW solar power project.
According to Business World the company will construct 500-megawatt (MW) solar farm in the country.
Leandro L. Leviste, president of Solar Philippines recently speaking to reporters said “We already have our first project in India,” he added “this year we’ll have around 500 MW of projects in India.” However, he declined to elaborate the details notes the publication.
Last year in May the company disclosed its plan to venture in India describing the country’s favorable regulatory environment.
Denying about any partnership for the project in India, Leviste said “We don’t do partnerships in India. The beauty of India is the very low barrier to entry to develop grid-connected power projects in solar parks, as what they are called, with land and transmission provided by the government.” He added “So any company in the world, with no local ownership condition can come in and bill P2.00 per kilowatt-hour (kWh), and basta P2.00/kWh makakakuha ka ng kontrata (as long as it is P2.00/kWh, you’ll get a contract).”
Leviste further said solar power rates in India are in the range of P2 to P3/kWh, although the capacity at stake is in thousands of megawatts. That range compares to the P2.34 per kWh offered by his company to distribution utility Manila Electric Co.
The company has a manufacturing plant in Sto. Tomas, Batangas that produced solar panels with an equivalent capacity of 800 MW in 2017. Its target output in 2018 was 2,000 MW.