BRIEF

NGCP invests P6.47b in substation projects

TRANSMISSION operator National Grid Corp. of the Philippines said Monday it invested P6.47 billion in substation improvements.

NGCP said it continued to upgrade its substation facilities nationwide to ensure the power grid’s optimal performance.

The company said these improvements were filed with the Energy Regulatory Commission and were implemented from 2016 onwards, but had not yet received provisional approval from the regulator.

NGCP said it proceeded with the implementation of these projects given the operational need and set aside for later, the issue on recovery approvals from the ERC.

“Our priority has and will always be doing what is best for the public. Financial considerations can take a back seat and be threshed out later,” the company said.

“We hope to correct the impression that the consumers are somehow shortchanged with how rates are computed. Our commitment has never wavered: we serve the public, and we work within the legal and regulatory framework of our concession and franchise,” NGCP said. Alena Mae S. Flores

Nexif starts construction of 74-MW solar project

NEXIF Ratch Energy Investments Pte. Ltd. announced Monday the financial closing and commencement of construction of its 74-megawatt ground-mount solar photovoltaic project in Calabanga, Camarines Sur.

The company said this marked a significant step forward in its commitment to investing in sustainable energy in the Philippines.

Debt financing for the project is provided by Security Bank Corp. as lender with SB Capital Investment Corp. as the lead arranger to fund 70 percent of the project cost on a limited recourse basis. It did not disclose the project cost and other financial details.

“We are excited to achieve the first financial close and commencement of construction of a project under the Nexif Ratch Energy joint venture. With this project now moving to construction, it builds on our under construction/ operating portfolio, which already comprises a hydropower project in Vietnam, one stage of which is operating and the other stage that is under construction,” Nexif Ratch Energy director Sakarin Tangkavachiranon said.

“We are expecting that this financial close will soon be followed by others this year, with development and financing of projects in Vietnam and Philippines gathering pace,” Tangkavachiranon said. Alena