Blueleaf Energy to Invest $1.5B in 1.5GW Floating Solar Project in Laguna

Blueleaf Energy Philippines, a subsidiary of Macquarie Capital, is set to invest over $1.5 billion in developing floating solar power farms in Laguna.

At a media briefing in Pasig City on Thursday, Blueleaf Energy president Chris Chua announced, “We’re planning a total investment of around $1.5 billion for these projects.”

In collaboration with NKS Energy Utilities and SunAsia Energy, Blueleaf aims to establish 1.5 gigawatts (GW) or 1,500 megawatts (MW) of floating solar capacity across Laguna province’s water bodies.

Specifically, Blueleaf and NKS are working on NKS Solar One, a 250-MW floating solar project to be located in Caliraya and Lumot lakes in Laguna. This initiative is expected to be the country’s first utility-scale floating solar project.

Construction of NKS Solar One is slated to start in the fourth quarter of 2024, with an operational target set for the first quarter of 2026.

Additionally, Blueleaf and SunAsia Energy are co-developing a 1.3-GW floating solar facility on Laguna Lake, covering the towns of Cabuyao, Sta. Rosa, Calamba, Victoria, and Bay.

Chua noted, “We are exploring project financing, involving long-term loans from banks, with equity investment covered by us as investors.”

He emphasized the company’s goal to “accelerate the energy transition in the Philippines through innovative renewable energy solutions for a net-zero future.”

Floating solar technology, unlike traditional ground-mounted systems, requires less land preparation and benefits from increased photovoltaic (PV) efficiency due to the cooling effects of water. Rafael Macabiog, Blueleaf’s head of projects, added that “floating solar allows more land to be available for other productive uses.”