Vietnamese firm to invest P10B in PH renewable energy
CN Green Roof Asia, a solar rooftop and battery provider in Vietnam, is expanding into the Philippine renewable energy space with a projected investment of P10 billion over the next two years.
The funds would be used in building its portfolio in the local market, particularly solar and battery projects, the company said on Tuesday.
An initial investment of P600 million would be coughed up for a solar plant in Bataan province, it added.
The group is set to construct a ground-mounted solar farm in Hermosa, Bataan. The plant is designed to have a capacity of 20 megawatt (MW) peak.
By early next year, Green Roof targets to start construction, while commercial operations are eyed by the third quarter of 2025.
“Building on our extensive experience in solar rooftops, we are excited to enter the utility-scale market in the Philippines. We have developed a robust pipeline of high-impact projects,” Rob Santler, chief executive officer of Green Roof, said in a statement.
The group may inject more money into the local market as it plans to boost its capacity to 300 megawatts “within the next two years.”
“This is on the back of the equity investment of one of Green Roof’s shareholders, Climate Fund Managers, into the Philippines in clean water platform Tubig Pilipinas this year, and a planned development of a bioenergy project in northern Luzon,” it added.
Climate Fund Managers, a blended finance investment manager, and Norfund, the Norwegian government’s Investment fund for developing countries, established Green Roof as a joint venture company in 2021.
It also partnered with solar developer Solana Renewable Energy Holdings for its Philippine projects.
Green Roof said its entry into the Philippines would help the government hit its target of growing clean energy’s share in the power generation mix to 35 percent by 2030.
Earlier this month, the company opened its new office in Makati City.
