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Summary

ThomasLloyd acquired the rights to the power plant project SaCaSol close to San Carlos City on the Philippine Islands directly from a local project developer. As part of project optimisation in the early summer of 2013, the originally projected plant output of 10 MWp was increased in a further three phases to the current output of 45 MWp.

2 May 2013: 

Based on an international tender, the first contracts for the construction, operation and maintenance of the plant were awarded in August 2013 to a consortium of leading regional companies and global specialists from Europe and North America.

31 August 2013: 

15 May 2014: President of the Philippines, Benigno S. Aquino III commissioned at an official inauguration the first two phases, A & B, as the first utility-scale, privately funded solar facility in the country. The plant was connected to the grid (COD) on the same day, and the plant has an expected commercial life of a minimum of 30 years.

15 May 2014:

 The Bank of the Philippine Islands (BPI) provided to SaCaSol the first tranche of a financing package, which finally totalled 1.5 billion Philippine Pesos (around EUR 30 million) further to enable construction.

15 July 2014:

 The 90% economic rights in the solar power plant SaCaSol were sold. As part of the transaction, the rights to other San Carlos Solar Energy Inc. solar power plant projects on the Philippines (SaCaSol II A & B and SaCaSol III) were divested from the company and transferred to the newly-established operating company, Negros Island Solar Power Inc. At the same time and ahead of schedule, the credit facility provided by the Bank of the Philippine Islands (BPI) was fully repaid.

15 June 2015:

SaCaSol C & D were commissioned, expanding the overall capacity of SaCaSol to 45 MWp.

31 July 2015: 

THE TRANSACTION - from “greenfield” project to utility-scale operational solar plant in less than 2 years.

Transaction SaCaSol