The Asian Development Bank (ADB) has approved a $57.4 million financing package to expand affordable clean energy access in Sri Lanka through rooftop solar aggregation and virtual net metering. The package includes a $35 million concessional loan, $16.9 million in grants from the European Union (EU), and $5.5 million from the Japan Fund for the Joint Crediting Mechanism. Together with counterpart funding from implementing agencies, the project has an estimated total cost of $80.5 million.  
The project will support government-owned utilities – Electricity Distribution Lanka (Private) Limited and Lanka Electricity Company (Private) Limited – in developing a utility-led model that aggregates electricity from large rooftop solar systems and distributes virtual energy credits to eligible consumers. The approach enables households, small businesses, and community organizations without suitable rooftops or financing to benefit from solar power. The financing will support around 25 MW of rooftop solar installations, grid modernization and digitalization, and the deployment of a virtual net metering system.  
Aboitiz Renewables, the renewable energy arm of Aboitiz Power Corporation (AboitizPower), has inaugurated the 92.55 MW San Manuel Solar Power Plant in Pangasinan, the Philippines. The project supplies electricity to the Luzon grid through the San Manuel 69 kV Substation and is the company’s third solar plant in the province, alongside the 154 MW Laoag 1 and 2 and the 94 MW Cayanga-Bugallon solar projects. The company said the new facility supports the country’s renewable energy targets and expands its portfolio to 45 renewable energy assets across solar, hydro, geothermal and energy storage. It also has more than 1.8 GW of solar, hydro, and wind projects under development.  
Separately, AboitizPower has broken ground on the 60 MW Naga Battery Energy Storage System (BESS) in Cebu. Located within the Naga Power Plant Complex in Barangay Colon, Naga City, the standalone project will provide contingency and regulating reserve services to improve grid reliability in the Visayas. The project marks the transformation of the former Naga thermal power plant site into an energy storage facility as part of the company’s energy transition strategy. It is expected to begin commercial operations in 2027. 
British Solar Renewables (BSR), a UK-based independent power producer (IPP) focused on solar PV and BESS, has secured up to £130 million in mezzanine financing from Eiffel Investment Group, a French asset manager. ICG-backed BSR says the financing will support the next phase of its growth across the UK and Australian markets.  
It is backed by around 700 MW of contracted solar PV and co-located solar-plus-storage assets. BSR currently has a development pipeline of nearly 18 GW across the UK and Australia. The flexible funding will help BSR advance investments throughout the project lifecycle and expand its renewable energy portfolio. The deal follows BSR’s £345 million project financing completed in 2025.  
AirTrunk, an Asia Pacific and Middle East hyperscale data center operator, and ib vogt, a global renewable energy developer, have started commercial operations of a 29.99 MW AC solar project in Malaysia. Launched under the country’s Corporate Green Power Programme (CGPP), the project is the first renewable energy Virtual Power Purchase Agreement (VPPA) for a data center under the CGPP. Developed by ib vogt, the solar plant supplies clean electricity to Malaysia’s grid under a long-term agreement, supporting AirTrunk’s operations in the country. 
The 2 companies said the project will contribute new renewable energy capacity to the national grid while helping meet the growing electricity demand from cloud computing and AI infrastructure. It also supports Malaysia’s decarbonization goals and AirTrunk’s target of matching 100% of its data center electricity consumption with renewable energy by 2030. 
Global infrastructure investor I Squared Capital and South Korean construction and engineering company GS E&C have signed a memorandum of understanding (MoU) to establish a joint venture (JV) for renewable energy development in South Korea. The proposed venture will focus on solar PV and BESS projects, with a target of developing 1.5 GW of renewable energy assets by 2035. Around 820 MW of the planned capacity is expected to come from solar projects. 
Under the partnership, the companies will jointly assess project opportunities and feasibility. GS E&C will lead project development activities, including permitting, site acquisition and early-stage project structuring. It will also provide project management and technical support. I Squared Capital will contribute its global infrastructure investment and energy transition expertise. The partners said the initiative aligns with South Korea’s target of increasing renewables to at least 20% of its electricity generation by 2030. 
Neoen, the French renewable energy developer and IPP, has started construction of a 215 MW / 963 MWh BESS at its Culcairn Solar Farm in New South Wales (NSW), Australia. Once completed, the project will increase the company’s renewable energy and storage capacity across NSW and the Australian Capital Territory (ACT) to more than 1 GW. The battery will be delivered by NHOA Energy, a global battery energy storage system provider, together with a joint venture between Equans Solar & Storage and Bouygues Construction Australia.
The storage system will support grid stability in Australia’s National Electricity Market NEM) and contribute to the NSW Government’s Electricity Infrastructure Roadmap. Neoen said the project will be its first behind-the-meter (BTM) battery integrated with a solar farm. Commercial operations are expected in 2028. 
TaiyangNews 2024

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