Berde Renewables signs up for 300-MW projects in Thailand
Philippines-focused energy firm Berde Renewables Inc. has launched a joint venture with a Thailand-based partner to develop 300 megawatts (MW) of clean energy projects over the next three years.
The joint venture with Power Systems and Solutions Co. Ltd. (PSS) will initially focus on Thailand, the companies said in their joint statement on Wednesday.
However, a potential expansion across the Asia-Pacific region is also on the table, the added.
Berde Renewables has 40 solar projects in the Philippines. It is a distributed renewable energy portfolio company of I Squared Capital, a global infrastructure investment firm focused on power, utilities, telecommunications and transport.
PSS Group, meanwhile, is a renewable energy producer with experience in engineering, procurement and construction.
The joint venture will focus on the deployment of solar, battery storage and hybrid energy solutions.
Currently, the partnership is overseeing projects under construction with a total capacity of 30 MW. More developments with a combined capacity of 170 MW are in the pipeline.
“This partnership is key to advancing our vision of accelerating the global transition to renewable energy,” said Morris Zhou, cofounder of Berde Renewables Inc.
“This joint venture strengthens Thailand’s renewable energy landscape by combining PSS’s deep market expertise with ISQ/Berde’s global expertise,” added Sam Yamdagni, founder and chief executive officer of PSS Group.
Both parties did not disclose how much they plan to spend to hit the 300-MW target.
Industry players earlier estimated that for solar projects, a developer must spend P40 million to P50 million per megawatt.
In the Philippines, renewable projects have been gaining more traction. Earlier this year, the Department of Energy reported that nearly 4,000 clean energy facilities have been committed this year.
