Blueleaf Energy Philippines, a unit of the Macquarie Group, has announced plans to invest USD1.5 billion to develop two floating solar projects in Laguna with a combined capacity of 1.55 GW. The projects, also known as NKS Solar One and BlueSolar, are expected to be operational by 2026.
NKS Solar One, a 250 MW project in Caliraya and Lumot lakes, will be the first utility-scale floating solar project in the Philippines, developed in partnership with NKS Energy Utilities Incorporation. BlueSolar, with a capacity of 1.3 GW, will span multiple towns around Laguna Lake, developed in collaboration with Sun Asia Energy Incorporation. The financing for these projects will primarily come from long-term debt, with 70–75 per cent covered by loans and the rest by equity. Additionally, the projects also aim to support the Luzon grid and contribute to the country’s clean energy goals, in line with Blueleaf Energy’s vision of accelerating the energy transition to achieve a net-zero future.