Modern Energy Management (MEM), a specialist in developing, building and operating investment grade renewable energy projects in emerging markets, announced that it has been appointed as Owner's Representative and technical advisor for Highland Infrastructure's flagship 250MW wind project in Philippines.
On 27 January 2021, Highland closed a 1 million USD non-recourse loan from SEACEF (Southeast Asia Clean Energy Fund, backed by the Green Climate Fund) to fund development of the project. Microsoft, the first large corporation to contribute capital to SEACEF, is also now providing support from its own 1 billion USD Climate Innovation Fund into SEACEF. In 2020, SEACEF approved three projects that represent over 1GW of renewable energy capacity, of which the Highland Infrastructure Philippines project is one.
"A number of our strongest projects have matured well and we are now working with investors to fund their construction as well as further development of our pipeline," said Ed Douglas, Managing Director of Highland Infrastructure. "We consider this 250MW Philippines wind project one of our flagship projects and have appointed MEM as our Owner's Representative due to their unique experience delivering investment grade projects in the region."
"We believe this project is a good fit for Highland's growth plans," said Aaron Daniels, Managing Director of Modern Energy, "with competitive attributes that make it a solid business case for investors. These include a high capacity factor and competitive construction cost due to unique attributes of the site."
"MEM has been very active in the Philippines market," continued Mr. Daniels, "so we are very happy to support Highland Infrastructure's project."
Due to its size, and to facilitate an effective power sales strategy, the project will be constructed in phases. The first 40MW is expected to begin construction in Q2/2022.
"Highland Infrastructure aims to expand on its investor relationships into 2022 as growth across the region continues to pick up pace," said Mr. Douglas. "We aim to build 1GW of investment grade projects throughout Southeast Asia over the next five years and are working with Modern Energy in a strategic partnership to ensure progress on those projects. MEM has a strong track record of developing, building, and operating investment grade projects throughout the region."
To meet Philippines' objective to increase the renewable energy-based capacity to 15,304MW by 2030, the country's National Renewable Energy Program (NREP, 2011-2030) includes a goal of adding a total of 2,345MW of commissioned wind capacity with a secondary goal of reaching wind grid parity in 2025. As of 2019, the wind capacity of the Philippines was 427MW.
About Modern Energy Management
Modern Energy Management (MEM) is more than a technical advisory firm. Advising on commercial, financial, and project risk management, the firm enables investors to successfully develop, construct and operate investment grade projects in emerging markets.
This is accomplished by offering world-class renewable energy expertise with emerging market experience. MEM is also unique in its confidence of services provided, truly partnering with select clients by sharing project risk and "putting skin in the game".
Based in Bangkok, Singapore, and Vietnam, MEM is currently managing development, construction and operations of wind and solar projects throughout ASEAN and central Asia.
For more information, please visit: http://modernenergy.management
