$1k USD and you get 1KW of solar and storage. I don't know how this compares to alternative grid-scale solutions over a ~15-25 year lifetime but that's ballpark how much you'd pay for retail solar without the storage.
On the other hand, still much cheaper both to build and operate than the equivalent in conventional power plants. But I do wonder where all that money is coming from. Foreign investors?
Seems it was funded by the IPO of "SP New energy Corp"
> Funded by proceeds from its P2.7-billion initial public offering, the first 50 megawatts are targeted to start delivering power to the grid by the end of 2022, driving profitability for the firm - https://www.gmanetwork.com/news/money/companies/815990/spnec...
> Mr Leandro Leviste, 28, will seek to raise as much as 2.7 billion pesos (S$74 million) by selling shares in Solar Philippines Nueva Ecija, a unit of his Solar Philippines Power Project Holdings. The funds will go towards constructing the first phase of a 500MW plant in a province about 130km north of Manila - https://www.straitstimes.com/business/economy/a-28-year-old-...
Interesting enough, seems the founder initially got the funds by selling their Tesla and SolarCity shares:
That, plus they don't have energy sovereignty. Similar to China, they want energy sovereignty and want to derisk from global political instability. So they're turning to renewables. It's smart. The cost curve pushed the decision over the edge.
Also being near the equator, the sun is stable. Countries like Denmark who are far from the equator will probably keep pursuing wind more aggressively than solar, unless the solar cost curve continues down.
anovikov|2 years ago
hackerlight|2 years ago
creshal|2 years ago
diggan|2 years ago
> Funded by proceeds from its P2.7-billion initial public offering, the first 50 megawatts are targeted to start delivering power to the grid by the end of 2022, driving profitability for the firm - https://www.gmanetwork.com/news/money/companies/815990/spnec...
> Mr Leandro Leviste, 28, will seek to raise as much as 2.7 billion pesos (S$74 million) by selling shares in Solar Philippines Nueva Ecija, a unit of his Solar Philippines Power Project Holdings. The funds will go towards constructing the first phase of a 500MW plant in a province about 130km north of Manila - https://www.straitstimes.com/business/economy/a-28-year-old-...
Interesting enough, seems the founder initially got the funds by selling their Tesla and SolarCity shares:
> Mr Leviste founded Solar Philippines in 2013 after selling the shares in Tesla Motors and SolarCity he bought while attending Yale University in the United States - https://www.straitstimes.com/business/economy/a-28-year-old-...
hiddencost|2 years ago
I suppose the cost per kw/h really hit a tipping point for them.
hackerlight|2 years ago
Also being near the equator, the sun is stable. Countries like Denmark who are far from the equator will probably keep pursuing wind more aggressively than solar, unless the solar cost curve continues down.