Palau on June 3 launched its first solar and battery energy storage system (BESS) project on Friday.
The project was made possible by Renewable company Alternergy Holdings Corp. and its subsidiary Solar Pacific Energy Corporation.
In a press release from the company, it said the Palau solar project boasts a capacity of 15.3 MWp solar PV and 12.9 MWh BESS, making it one of the most significant foreign direct investments in the country.
The project cost USD29 million, the venture marks a remarkable milestone for Alternergy.
This venture also stands as the largest of its kind in the Western Pacific region.
This is a proud day for Alternergy as a Philippine-based company successfully inaugurating our very first renewable power project abroad,” Alternergy chairman Vicente S. Pérez Jr. highlighted the substantial contributions the project would make to Palau’s renewable energy goals and environmental sustainability”
“We are pleased that the project will make a significant contribution to Palau in achieving its goal of a 45 percent share of renewable energy in its power generation by 2025, provide 23,000 MWh of clean and renewable power, as well as avoid more than 10,000 tons of carbon emissions per year,” he added.
The company said 300 individuals were employed locally during the construction phase.
Mike Lichtenfeld, CEO of Solar Pacific and Alternergy director, expressed Solar Pacific’s enthusiasm in exploring additional opportunities within the Pacific region, with their team actively seeking new projects.
SPPP and PPUC signed a 20-year PSA which can be extended for an additional five years.
The total funding package for the project was extended by Export Finance Australia via the Australian Infrastructure Financing Facility for the Pacific (AIFFP).
President Surangel S. Whipps Jnr has earlier committed to 100 percent of its energy from renewable resources by 2032 without increasing costs to consumers.