J&V Energy enters Philippines utility-scale solar with 180MW acquisition

MANILA, Philippines,Nov. 21, 2024/PRNewswire/ -- JNV Philippines Renewable Corporation has entered into an agreement to acquire the entire equity interest in a 180MW ground-mounted solar project located in General Santos,Philippines.

The transaction marks J&V Energy's first utility-scale renewables investment inthe Philippines, and comes on the back of J&V Energy's joint-venture with SolarNRG Philippines in June to develop and construct rooftop projects for commercial& industrial customers.

J&V Energy has engaged a local partner to complete development of the project, which is expected to participate inthe PhilippinesGovernment's 2024-25 Green Energy Auction Program (GEAP) expected to be held in 1Q2025. Under the GEAP program, the project will have the opportunity to sign a 20-year fixed price power purchase agreement with the state-owned National Transmission Corporation.

The project has now completed land consolidation of over 170 hectares, and has obtained a solar energy service contract (SEOC) from the Philippines Department of Energy (DOE). Under the project's Offer of Service from the National Grid Corporation ofthe Philippines, the project is expected to provide 295 GWhs of green electricity annually tothe Philippinesonce commissioned in 2027.

Jerome Tan, Group CIO of J&V Energy and President of JNV Philippines, said:"We are delighted to partner with reputable local developers to make our first utility-scale renewables investment inthe Philippines. This transaction demonstrates our commitment tothe Philippines, and brings J&V Energy closer to our target of commissioning 500MW by 2028. We would like to thankthe PhilippinesBoard of Investments (BOI) and Philippine Trade and Investment Center (PTIC)Taipeifor facilitating our expansion in the country."

According to the latest Philippines Energy Plan (PEP),the Philippinesis poised to achieve a renewable energy share of over 35% of the total energy mix by 2030, with solar (+17.8GW) and wind (+7.8GW) expected to play a key role in shapingthe Philippines'energy future.

About J&V Energy

Headquartered inTaipei, J&V Energy is a publicly-listed leading circular economy and renewable energy developer with a market capitalization of~US$1,000m(30 Sep 2024). J&V Energy employs a team of over 350 renewable energy professionals with expertise in solar, wind, energy storage and water infrastructure. Its regional footprint spans acrossTaiwan,Japan,PhilippinesandVietnam. In 2023, J&V Energy secured the #1 spot amongst the Top 100 Fastest Growing Companies by CommonWealth Magazine and is a constituent of the MSCI Global Small Cap Index.

J&V Energy official website

https://global.jv-holding.com

View original content:https://www.prnewswire.com/apac/news-releases/jv-energy-enters-philippines-utility-scale-solar-with-180mw-acquisition-302312508.html

SOURCE J&V Energy Technology Co., Ltd.