AAM backs Philippines solar
Singapore-based Armstrong Asset Management (AAM) is investing $29m in solar projects in the Philippines, with the first 6.25MW scheduled for construction later this month.
The projects are being developed by Nv vogt Singapore, a joint venture (JV) between India's APCA Power and Germany's Ib vogt group.
The first project is a 6.25MW ground-mounted and grid-connected solar power plant in South Cotabato in the southern region of Mindanao, expected to become operational by December this year.
A power purchase agreement (PPA) was signed in June 2013 with South Cotabato 1 Electric Cooperative.
"The South Cotabato project will be the world's largest diesel replacement power plant when it is completed, given that 100% of its generated power will replace diesel-generated peak power," said AAM.
"This investment, the first by the fund in the Philippines and with Nv vogt, represents a benchmark for the development of diesel-offset projects globally and one which does not rely on subsidies by way of feed-in-tariffs," said Andrew Affleck, managing partner of AAM.