The project will be installed in late 2025.
Energies PH affiliate San Bernardino Ocean Power Corp partnered with Inyanga Marine Energy Group to develop the first tidal power generation plant in Southeast Asia in the Philippines with a one-megawatt capacity.
In a statement, Inyanga Marine said the project will be located at the Capul Island of Northern Samar along the San Bernardino Strait which is known for strong marine currents.
“As we embark on this pioneering tidal power plant for the Philippines, our vision is to replicate this in several off-grid sites all over the country to provide electricity in the hinterlands,” said Energies PH Co-chairman and CEO Antonio Ver.
“We are committed to playing a key role in Asia’s energy transition. We are grateful for BlackRock’s support because the investment in Ditrolic Energy enables us to rapidly increase scale and maximise value to support the transition to low carbon economies throughout multiple markets,” said Ditrolic Energy Founder and Group CEO Tham Chee Aun.
The Climate Finance Partnership is a partnership amongst BlackRock, and the governments of France, Germany and Japan, securing total commitments of $673m from various investors.