Solar energy manufacturer SunEdison has signed a joint framework agreement with power producer Aboitiz Renewables, a subsidiary of AboitizPower, for joint exploration, development, construction and operation of up to 300MW of solar photovoltaic (PV) power generation projects in the Philippines.
According to the deal, the two firms will start setting up utility scale PV projects from 2015 and continue over the next three years.
SunEdison aims to develop a series of such projects in the Philippines, similar to its arrangements in other Asian countries such as India and China.
The firm aims to cater to emerging power markets in the developing regions by offering cost-effective solar power solutions.
SunEdison chief executive officer Ahmad Chatila said: "AboitizPower has extensive utility-scale experience in the Philippine power market and SunEdison has leading world-class solar technology and deployment capabilities. Together, we are ideally positioned to swiftly bring cost-effective solar energy to the people of the Philippines."
Aboitiz Power chief executive officer Erramon I Aboitiz said: "We are constantly exploring new energy sources and this exclusive agreement with SunEdison is an important milestone and a welcome addition to our current portfolio of renewable energy.
"Our deep knowledge of local markets, together with SunEdison’s proven track record and cutting edge technology, will enable us to rapidly achieve our goal."