Investment firm Macquarie Capital, via its subsidiary Blueleaf Energy, unveiled plans to invest on a $1.2 billion project to build a floating solar plant on Laguna Lake.

With the capacity to generate 1,300 megawatts of electricity, the floating solar plant will start its operations sometime in 2024. It will be developed in partnership with another clean energy developer, SunAsia Energy.

The investment commitment was formalized on September 7, when Macquarie Capital’s infrastructure and energy investment head Oliver Lewis signed a letter of intent during the state visit of Philippine President Ferdinand Marcos Jr. to Singapore.

As stipulated in the agreement, floating photovoltaic panels will be installed on the water surface of Laguna Lake and provide electricity to the nearby cities and towns, including Cabuyao and Calamba.

Besides helping meet decarbonization objectives, the project will finance initiatives to improve the water quality of the lake and ensure balanced growth and development in the area. An initial P2 billion from the funding will be released to the Laguna Lake Development Authority for these initiatives.

SunAsia Energy said in a statement that the floating solar plant will become not only the biggest in Asia but also an engineering marvel that will boost scientific developments and local tourism.

This article, Macquarie, SunAsia Energy unveils $1.2 billion investment plan for Laguna Lake floating solar farm, was originally published at NoypiGeeks | Philippines Technology News, Reviews and How to’s.