Gurīn Energy completes funding for 75 MW Philippine solar project

The financial close will lead to a total investment of $60m.

Singapore-based renewable energy company Gurīn Energy has finalised funding for a 75 megawatt (MW) solar farm in the Philippines.

Situated in the town of Palauig, Zambales, the solar farm will feature over 136,363 ground-mounted, energy-efficient solar photovoltaic panels.

The financial close will produce an overall investment of $60m.

As Gurīn Energy’s first project in the Philippines, the Palauig Solar Power Plant is estimated to be completed by 2024, supplying power over 35,500 homes and reducing 53,100 tonnes of carbon emissions annually, the equivalent of 11,500 combustion-engine cars. For the local economy, it aims to generate over 550 jobs throughout its project lifecycle.

ALSO READ: Adani Green finalises 1,050 MW joint venture with TotalEnergies

“We are pleased to have achieved financial close for our 75MW solar farm, a milestone for Gurīn Energy in the Philippines. We are grateful to all our partners, our lender Union Bank of the Philippines, and to the national, provincial and municipal authorities for their confidence and ongoing support,” Reden Garcia Rodriguez, Country Manager – Philippines at Gurīn Energy, stated.

The Palauig Solar Power Plant is part of Gurīn Energy’s growing 7-gigawatt pipeline of projects over Asia on its push for 100% renewable energy.

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