Blueleaf PH Seeks Loan for NKS Solar One

The 250-megawatt (MW) NKS Solar One initiative—a pioneering floating solar project spanning Caliraya and Lumot Lakes—is edging closer to securing funding.

The Macquarie-owned Blueleaf Energy Philippines is now in advanced talks with a local bank to finalize a term loan facility. This would support the development of this large-scale renewable energy venture across the municipalities of Cavinti, Kalayaan, and Lumban in Laguna.

Recognized by the Department of Energy (DoE) as an Energy Project of National Significance, the NKS Solar One initiative benefits from fast-tracked regulatory clearances, paving the way for accelerated development.

Blueleaf Energy Philippines Investment Director Chris Chua confirmed that early-stage development of the solar project was fully funded by shareholders, while construction will be backed by a mix of equity and local bank financing.

“We are getting a term loan facility from one of the major local banks in the Philippines to provide at least 70% to 75% of the amount needed,” stated Chua. He added that the project remains open to strategic investors offering more than just capital.

Chua noted that construction could begin within the next two months, with the lending bank currently deep into its due diligence review.

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Business collaborations

Late last year, the energy firm confirmed its talks with China-based firms Energy China and Xian Electric for engineering, procurement, and construction (EPC) contracts for the NKS Solar One project, according to Senior Project Manager Pradeep Gopalakrishnan.

Gopalakrishnan shared that Blueleaf’s partners have proven experience. “One is Xian Electric, they have 13 years of presence in the Philippines. The other one is Energy China. They are the ones who did the project in Singapore,” he explained, noting that the same technology used on Singapore’s water reservoir is being adapted for NKS Solar One.

Energy China will take the lead on installing the floating solar panels, while Xian Electric will handle the power infrastructure, specifically the substation and transmission systems connecting the project to the grid.

While the project’s Phase 1 focuses on the 162-MW floating solar installation at Caliraya, Phase 2 targets the 88-MW project at Lumot.

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Another solar project

In addition to NKS Solar One, Blueleaf Energy, in partnership with SunAsia Energy, is advancing the ambitious Bluesolar project on Laguna Lake.

This 1,300 MWp floating solar venture will span five Laguna municipalities: Cabuyao, Sta. Rosa, Calamba, Bay, and Victoria.

Groundwork for the project starts this year, with operations slated to begin by 2026.

The estimated project cost for NKS Solar One is P15 billion, while Bluesolar is projected at P66 billion. Both projects are expected to enhance Luzon’s energy capacity and make a significant contribution to the Philippines’ renewable energy goals.

Blueleaf Energy, a Macquarie Capital portfolio company based in Australia, focuses on developing and managing large-scale onshore solar energy projects.

Sources:

https://powerphilippines.com/blueleaf-energy-philippines-to-secure-term-loan-facility-for-nks-solar-one-project/

https://business.inquirer.net/497536/blueleaf-ramps-up-laguna-floating-solar-deployment

https://www.bworldonline.com/corporate/2024/12/19/642507/blueleaf-in-talks-with-chinese-firms-for-floating-solar-projects/