Japanese trader Mitsui & Co (TYO:8031) and independent power producer Global Business Power Corp will jointly develop a 115-MW solar project in the Philippines.
The JPY-7-billion (USD 64m/EUR 53m) solar project is Mitsui’s first in Southeast Asia and the Japanese trading house will cover 40% of the total cost, says a report by Nikkei Asia. The plant will be built in the northern province of Rizal, with completion scheduled for March 2022.
The output of the solar power facility will be purchased by local distributor Manila Electric Co under a 20-year contract.
(JPY 100 = USD 0.913/EUR 0.757)