An investment fund led by banking group Macquarie has invested in two solar farms in the Philippines.The Philippine Investment Alliance for Infrastructure (PINAI) has bought into the 32 MW La Carlota solar farm and the 48 MW Manapla site in Negros Occidental.
Both ventures are under development by Negros Island Solar Power (IslaSol), a division of developer Bronzeoak, and are under construction with scheduled completion dates in 2016.The investments are the third by PINAI in the Philippines' solar sector, which is becoming a key target market for renewable energy investment firms and developers.In September PINAI bought a stake in the 45 MW San Carlos solar farm in San Carlos city from Bronzeoak.
German firm Conergy is building the La Carlota and Manapla solar farms, having already signed deals to build six other solar farms in the Philippines, including a 50 MW site in Tarlac and 43 MW at two locations in Luzon and the Visayas.The Philippines is an attractive market for solar power development because of its relatively high power prices and strong energy demand growth. In addition, the government is supporting renewable energy developments through a feed-in tariff (FIT) system.
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