Macquarie Capital, through Singapore-based Bluefleaf Energy, and SunAsia Energy disclosed plans to invest $1.2 billion on putting up a 1,300-megawatt floating solar plant on Laguna Lake.
Macquarie Capital head of investments for infrastructure and energy Oliver Lewis signed a letter of intent during the state visit of President Ferdinand Marcos Jr. in Singapore on Sept. 7, 2022.
Philippine Trade and Investment Center commercial counsellor Carla Grepo said the investment commitment supports the government’s 8-point socioeconomic agenda.
“The project will not only aid in mitigating climate change, but also help the country economically recover from the effects of the pandemic,” she said.
The government acknowledged two Singaporean companies with active program on climate change mitigation, including Macquarie Capital.
The investment firm, through wholly-owned green portfolio company Blueleaf Energy Philippines, vowed to support the country’s goal to decarbonize the power industry.
Under the agreement, the floating solar plant to be installed on the water surface of Laguna Lake will cover the cities of Calamba, Sta Rosa and Cabuyao, and the towns of Bay and Victoria.