Italpinas, SunShare Philippines Sign MOU to Explore Rooftop Solar Installations for Property Projects
Key Takeaways
- •Italpinas Development Corp. has entered a memorandum of understanding with SunShare Philippines to explore rooftop solar installations and electricity management across its property developments.
- •The proposed projects are intended to increase renewable energy use and cut electricity costs for end users, but their scope and benefits depend on pending technical and commercial assessments.
- •IDC already holds a 25% stake in renewable energy developer Constellation Energy Corp. and is expanding into affordable and economic housing through its wholly owned subsidiary IDC Homes, Inc.
- •The Philippines' net metering program under the Renewable Energy Act of 2008 permits qualified consumers to export surplus self-generated power to the grid, supporting growing rooftop solar adoption amid government targets of 35% renewables in the power mix by 2030 and 50% by 2040.
- •Shares of Italpinas Development Corp. climbed 3.33%, or P0.02, to close at P0.62 apiece on Tuesday.
Listed Philippine property developer Italpinas Development Corp. (IDC) has signed a memorandum of understanding (MOU) with SunShare Philippines, Inc. to explore installing rooftop solar panels and managing electricity use across its property developments.
In a statement issued on Tuesday, IDC said the proposed collaboration aims to increase renewable energy use and reduce electricity costs for end users.
The agreement covers potential installations of solar photovoltaic (PV) panels on the rooftops of IDC developments, alongside measures to optimize the company's electricity portfolio.
"The scope, implementation, and specific anticipated benefits of any projects are subject to further technical and commercial assessments and may be subject to change as the collaboration progresses," the company said. The outcome of those assessments will indicate whether, and in what form, the partnership moves toward actual installations.
The initiative comes as IDC expands into the affordable and economic housing segment through its wholly owned subsidiary, IDC Homes, Inc. The company has three wholly owned subsidiaries in total, including IDC Homes, which focuses on affordable and economic housing. IDC also holds a 25% stake in renewable energy developer Constellation Energy Corp., giving the listed developer an existing presence in the renewable energy sector alongside the proposed solar collaboration.
Rooftop solar has been gaining traction in the Philippines, where the Renewable Energy Act of 2008 allows qualified consumers to generate their own power and export surplus electricity to the distribution grid under the country's net metering program — a mechanism through which self-generated power can offset electricity that would otherwise be purchased from a distributor. The Philippine government has also set targets of raising the share of renewables in the national power generation mix to 35% by 2030 and 50% by 2040.
Shares in Italpinas Development Corp. rose 3.33%, or P0.02, to close at P0.62 apiece on Tuesday.
— Alexandria Grace C. Magno
This article is a rewritten version of the original report first published by BusinessWorld Online.
