Nonthaburi: RATCH Group Public Company Limited announces today that the 74-MWp Calabanga Solar Power Project in the Philippines successfully commenced commercial operation on August 5, 2024. The majority of the electricity generated from the solar farm will be sold to subsidiaries of the Aboitiz Power Corporation Group under a 10-year power purchase agreement and the remaining will be dispatched to the Wholesale Electricity Spot Market of the Philippines. The Company holds a 49 percent equity investment in this power plant through a joint-venture company named Nexif Ratch Energy, which focuses on investing in renewable energy power projects in Southeast Asia. RATCH Group consequently accounts for a 36.3 MWp capacity in the Calabanga solar farm according to its equity holding.
Mr. Nitus Voraphonpiput, Chief Executive Officer of RATCH Group, revealed that the Calabanga solar power plant is marked as the Company’s first milestone committed to operating its business and supporting the renewable energy development goal of the Philippines. Furthermore, the Company in collaboration with Nexif Energy Invest, a strategic partner, have studied the feasibility on the development of the NPSI solar power plant project with its 71.1-MWp equity capacity, a near-shore San Miguel Bay wind power project, and a Lucena offshore wind power plant project, for each with approximately 220-MW installed capacity by investment equity.
“It is delighted that the Calabanga project completed its construction, and achieved critical testing and commissioning standards as the planned target. Henceforth, this solar power plant will generate green electricity not only to serve customers’ power demands, but also CO2 reduction goals. In addition, the revenue from the Calabanga power plant likely recognized in the third quarter of this year will support the Company’s financial position even stronger.
The Calabanga Solar Power Project is located in Camarines Sur province, a Southern part of Luzon, the Philippines.