Thai Firm to Invest $1 Billion in Floating Solar Farm on Laguna Lake

MANILA, Philippines — SunAsia Energy Inc. is teaming up with Thailand-listed Gunkul Engineering Public Co. Ltd. to build a $1-billion floating solar project on Laguna Lake, touted as the largest of its kind in the region. The companies recently formalized their partnership to develop the project, which is envisioned to have an installed capacity of around one gigawatt. SunAsia Energy president and CEO Tetchi Capellan said the deal underscores the shared vision of the Philippines and Thailand to “forge meaningful collaboration, drive innovation and create an impact that extends well beyond our borders.” Unlike ground-mounted solar projects, floating solar installations require specialized engineering solutions to withstand water-based conditions, including humidity, corrosion, wind waves and other environmental and mechanical stresses. Given its scale, the Laguna Lake project is expected to drive local manufacturing of key components, particularly floaters or the platforms that keep solar panels afloat on bodies of water. “SunAsia is working with floating solar experts across the region, drawing on a century of engineering knowledge and experience to design for the future while anticipating risks today and building resilience for the years ahead,” SunAsia Energy vice president for strategic projects Karlo Abril said. Before Gunkul’s entry, Blueleaf Energy Philippines of the Macquarie Group had been involved in the project since 2021, providing development and funding support. With the new partnership, SunAsia Energy is expected to leverage Gunkul’s proven expertise in renewable energy development, as well as in engineering, procurement and construction. As a publicly listed renewables platform, Gunkul has a diversified portfolio of clean energy assets and engineering capabilities, positioning it as an integrated power player in Asia. SunAsia Energy, on the other hand, primarily focuses on solar power development, partnering with local and international groups to advance solar projects across the country. Beyond large-scale ground-mounted solar projects, the company has also expanded into floating solar development to complement its land-based renewable power portfolio.