Trading house Sumitomo Corp. said Monday it has won an order for a solar power plant in the Philippines that will be the largest in Asia.
The value of the order from Cagayan Electric Power & Light Co., based on Mindanao Island in the southern Philippines, is 550 million yen. The World Bank will provide $4 million in grants in aid, approximately equivalent to 486 million yen, for the project.
The plant, which will have a capacity of 1,000 kw and some 6,000 solar battery panels, will be completed in fall 2002, Sumitomo said.
Cayagan Electric's project is part of a trend in which installations of solar power equipment are ordered in developing countries by organizations with financial help from developed countries and international lending agencies, a Sumitomo official said.
The deal between Cayagan and Sumitomo is expected to encourage the trading house to proceed with a similar project in Mongolia.
The solar battery modules will be supplied by Sharp Corp., Sumitomo said.
Mitsubishi Corp. is working on a similar solar power project in Thailand , and is expecting Japanese foreign aid.