GUNKUL Wins 784 MW PH Floating Solar Project

MGR Online•Economy•19d ago

Reader Briefing

GUNKUL Engineering has secured a major 784 MW floating solar project in the Philippines, marking a significant expansion of its renewable energy portfolio.

•GUNKUL Engineering has been awarded rights to develop Southeast Asia's largest floating solar project in the Philippines.
•The project, with an initial capacity of 784 MW, is targeted for Commercial Operation Date (COD) by Q4 2027 (2027).
•This development significantly boosts GUNKUL's power generation portfolio, increasing equity megawatt capacity by 60% to 2,079 MW.

Overview

•GUNKUL Engineering secured rights to develop ASEAN's largest floating solar project.
•The project's first phase will generate 784 MW of electricity, to be supplied to the Philippines' economic zone.
•Commercial Operation Date (COD) for the initial phase is targeted by Q4 2027 (2027).
•The project includes an option to expand by an additional 224.1 MW in Phase 2.
•The Philippines is a strategic growth market due to high economic growth and limited reserve electricity.
•The project is located in Laguna Lake on Luzon Island, a key economic hub near Manila.
•The electricity will be sold under the GEA-4 program on a 20-year fixed tariff contract, priced at 6.53 pesos per kWh.
•GUNKUL's equity megawatt capacity will increase by 60.5% to 2,079 MW upon completion of this project, with potential to reach 2,400 MW.

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Key Quotes

Naruchol Damrongpiwat

"Acquiring the rights to develop a floating solar power plant project in the Philippines marks a new growth platform in ASEAN and a significant step in driving the company's strategy towards expanding its green energy portfolio to 2,000 megawatts by 2027."

การได้รับสิทธิในการพัฒนาโครงการโรงไฟฟ้าแสงอาทิตย์แบบทุ่นลอยน้ำของประเทศฟิลิปปินส์ในครั้งนี้ ถือเป็นแพลตฟอร์มแห่งการเติบโตใหม่ในอาเซียนและก้าวสำคัญในการขับเคลื่อนกลยุทธ์ของบริษัทฯ ภายใต้เป้าหมายการขยายพอร์ตพลังงานสีเขียวสู่ 2,000 เมกะวัตต์ภายในปี 2027

Naruchol Damrongpiwat

"The company believes this project will not only generate long-term revenue growth and returns but is also a key step towards becoming a trusted clean energy partner in the Asian region sustainably."

บริษัทฯ เชื่อว่า โครงการนี้จะไม่เพียงสร้างการเติบโตของรายได้และผลตอบแทนในระยะยาว แต่คือก้าวสำคัญในการมุ่งสู่การเป็นพันธมิตรด้านพลังงานสะอาดที่ได้รับความไว้วางใจในระดับภูมิภาคเอเชียอย่างยั่งยืน

Key Entities

Organization

GUNKUL Engineering(กันกุลเอ็นจิเนียริ่ง)

An engineering company that has secured rights to develop the largest floating solar project in ASEAN in the Philippines.

GUNKUL

Abbreviation for GUNKUL Engineering, a company involved in renewable energy projects.

ASEAN(อาเซียน)ℹ️

The Association of Southeast Asian Nations, a region where the secured solar project is noted as the largest floating solar project.

Person

Naruchol Damrongpiwat(นางสาวนฤชล ดำรงปิยวุฒิ์)

Chief Executive Officer of GUNKUL Engineering, who commented on the company's new solar project in the Philippines.

Place

Philippines(ฟิลิปปินส์)ℹ️

The country where GUNKUL Engineering has secured a significant floating solar power project.

Luzonℹ️

The island in the Philippines where Laguna Lake, the location of the floating solar project, is situated.

Manila(มะนิลา)ℹ️

The capital city of the Philippines, near which the floating solar project is located, serving as a major economic and electricity consumption center.

Timeline

Q4 2027(ไตรมาส 4/2027)

The targeted quarter for the Commercial Operation Date (COD) of the first phase of the floating solar project in the Philippines.

Law

GEA-4

The Green Energy Auction Program of the Philippine government under which the solar project's electricity purchase agreement operates.

Executive Order No. 18 (EO18)

A national policy in the Philippines established to expedite the development of projects crucial for energy security and economic development, under which the floating solar project is designated a strategic investment.

Green Lane

A 'Fast-Track Permitting Program' by the Philippine government that accelerates the review and approval of permits for strategic projects like the floating solar plant.

Philippine Energy Plan

The national energy plan of the Philippines that sets targets for increasing the proportion of renewable energy, which the new solar project will help achieve.