Under the joint framework agreement, both the firms will explore, develop, build and operate the projects in the next three years.

The companies intend to develop the first solar PV project in 2015. US-based SunEdison said the arrangement is similar to those it has established in China and India.

SunEdison chief executive officer Ahmad Chatila said: "AboitizPower has extensive utility-scale experience in the Philippine power market, and SunEdison has leading world-class solar technology and deployment capabilities. Together we are ideally positioned to swiftly bring cost effective solar energy to the people of the Philippines."

Aboitiz Power chief executive officer Erramon Aboitiz said: "We are constantly exploring new energy sources, and this exclusive agreement with SunEdison is an important milestone and a welcome addition to our current portfolio of renewable energy.

"Our deep knowledge of local markets, together with SunEdison’s proven track record and cutting edge technology, will enable us to rapidly achieve our goal."

Bloomberg reported that the Philippines is increasing the construction of new power plants and asked firms to prepare to depend on their own generators in the summer of 2015 when supply is likely to be limited and higher temperatures increase demand.

According to government data, power consumption in the Philippines increased 50% in the 10 years to 2012, compared with a 16% growth in production capacity.

Image: SunEdison and Aboitiz will jointly develop 300MW of solar PV projects in Philippines. Photo: Courtesy of think4photop/