China's ET Solar will build a 70MW solar power project in the Philippines with local partner Gate Solar Philippines Corp.

Both companies have signed agreements to develop, invest, finance, construct and operate the facility. The construction is expected to start in the last quarter of this year and the commercial operation is expected to be achieved in March 2016. ET Solar will be the co-development partner and technology sponsor, as well as the investor in the project.

Dennis She, President and CEO of ET Solar, said, "This is yet another large-scale project in Asia, and our first in the Philippines. It demonstrates our ability to handle every aspect of utility-scale solar plants from planning and financing, through construction, and all the way downstream to O&M. With our integrated capabilities and global experience, we are able to achieve the lowest possible LCOE.

"In this particular project, we were not only competing against other players for the contract; we were also racing against time to be eligible for the highest tariff rate," he added.

Earlier this month, ET Solar secured turnkey EPC services for a 50MW solar power plant in Israel.

Market research firm IHS has also noted the Philippines as one of the emerging markets to watch in 2015.

By: DocMemory
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