SunEdison, Inc. (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services, today announced that it entered into a joint framework agreement with Aboitiz Renewables, Inc., a wholly-owned subsidiary of Aboitiz Power Corporation (AboitizPower). The agreement formalizes their intention to jointly explore, develop, construct and operate up to 300 megawatts of utility-scale solar photovoltaic power generation projects in the Philippines over the next three years.
"It's an ideal partnership," said Ahmad Chatila, chief executive officer of SunEdison. "AboitizPower has extensive utility-scale experience in the Philippine power market, and SunEdison has leading world-class solar technology and deployment capabilities. Together we are ideally positioned to swiftly bring cost effective solar energy to the people of the Philippines."
"We are constantly exploring new energy sources, and this exclusive agreement with SunEdison is an important milestone and a welcome addition to our current portfolio of renewable energy," said Erramon I. Aboitiz, chief executive officer, Aboitiz Power Corp. "Our deep knowledge of local markets, together with SunEdison's proven track record and cutting edge technology, will enable us to rapidly achieve our goal."
The partnership with Aboitiz Renewables aims to develop the first in a series of utility-scale solar power projects in the Philippines starting in 2015. This follows similar arrangements by SunEdison in India and China through continued leverage of its ability to deploy cost effective solar energy solutions to meet the growing power needs of developing and emerging power markets.