20 September 2022
Blueleaf Energy and SunAsia reaffirm partnership to develop 1.3 GW solar projects in the Philippines

20 September 2022 – At an official business roundtable held during the state visit of Philippine President Ferdinand Romualdez Marcos Jr. in Singapore, Macquarie Capital signed a Letter of Intent to invest in the Philippines through Blueleaf Energy. Blueleaf Energy will partner with SunAsia to develop an initial portfolio of up to 1.3 GW floating solar projects in Laguna Lake, which would potentially be the largest of its kind globally.

Blueleaf Energy is already developing renewable energy projects in the Philippines and these floating solar projects will form part of the 2 GW development pipeline identified by the company that will help offset over ~1.6 million tonnes of CO2 annually. The overall investment required for the projects over the next 5 years will be in excess of US$2 billion and is expected to create over 1,000 jobs locally during peak construction and over 200 jobs locally for long-term operations, including the development of a local supply chain towards meeting energy security needs of the country.

The roundtable was attended by selected Singaporean business leaders and yielded USD 6.54 billion1 in investment pledges, which included USD 1.2 billion from Blueleaf Energy attributed to the Laguna Lake floating solar projects.

Mr. Raghuram Natarajan, CEO of Blueleaf Energy said, “This investment in Laguna Lake floating solar will help deliver the President’s pledge to cushion the impact of global warming and we believe that our combined resources will help the Philippines transition more easily into a net-zero carbon future. Blueleaf intends to cooperate with local partners in working closely with the relevant agencies of the Philippine government and the private sectors for the development of RE projects in the Philippines. We look forward to the commercialisation of the project as it will drive significant further investment and skills growth in corresponding supply chains.”

Ms. Tetchi Capellan, CEO of SunAsia Said, “This partnership will bring together Blueleaf’s financial and deep in-house technical expertise as well as SunAsia’s local development experience. We are excited to see our collaboration drive large investment into the country to support green energy projects and contribute significantly to the Philippines’ RE goals.”

About Blueleaf Energy

Blueleaf Energy is a leading Pan Asian Renewable energy platform that develops, finances, owns and operates renewables and storage assets to accelerate the energy transition towards net zero and beyond. 

Committed to upholding the highest environmental, social, governance and safety standards, Blueleaf Energy serves both corporate and industrial consumers and large utilities, providing our customers access to competitive and green energy mix and solutions to achieve their sustainability targets.

Blueleaf Energy has a development pipeline of solar, wind and storage projects in excess of 7 GW, a historical track record of developing and building 2 GW of capacity globally which includes over 500 MW in the Asia Pacific.

Blueleaf Energy is a portfolio company of Macquarie’s Green Investment Group (GIG), operating on a standalone basis. In the Philippines, Blueleaf Energy is managed by the Macquarie Capital operating group of the Macquarie Group.

About SunAsia

SunAsia Energy is a renewable energy development company in the Philippines with strong track record in implementing solar energy projects. Since its inception in 2013, the company has worked with partners in delivering many megawatts of clean energy, foremost of which is the installation of the Philippines 4th largest solar power plant located in Cebu. SunAsia specializes in innovative solutions holding today an exclusive license to operate the biggest floating solar pilot project in the town of Bay, in Laguna Lake. 


Gwen Chua
Marketing & Communications Manager
+65 9837 9676