Billionaire Enrique Razon will build the largest solar power plant in the world

Enrique Razon Jr. is president and president of International Container Terminal Services. (ICTSI photo)

Filipino billionaire Enrico RazonOn Wednesday, the infrastructure investment arm said it plans to build what will be the world’s largest solar power plant, joining a growing number of local companies embracing renewable energy development.

Prime Infrastructure Holdings Inc, unlisted, said the facility will have a capacity of 2,500-3,500 megawatts combined with a 4,000 MWh to 4,500 MWh battery energy storage system.

The project will be carried out by Terra Solar Philippinesa unit of the Prime Infrastructure subsidiary Terra Renewables Holdings Incin collaboration with Solar Philippines Power Project Holdings Inc.

Further details of the project, including cost and time, were not immediately available.

Terra Solar will sell 850 MW of the plant’s output to Manila Electric Company MER.PS, the largest power company in the country.

The Southeast Asian country has given a big boost to renewable energy projects as it seeks to reduce its reliance on coal in particular in power generation, in line with its goal of reducing greenhouse gas emissions.

The government aims to increase the share of renewables in the energy mix to 35% by 2030, from 21% in 2020 and to 50% by 2040. Coal accounted for nearly 60% of the 2020 mix.

Solar Philippines Nueva Ecija Corpwhich raised 2.7 billion pesos ($ 51 million) from an initial public offering late last year, said it aimed to build Southeast Asia’s largest solar park with an initial capacity of 500 MW.

– Report by Enrico Dela Cruz; Montage by Kanupriya Kapoor