GREEN HEAT Corp. is allocating P2 billion for rooftop solar projects over the next 18 months to meet growing demand, a company official said.
“We’ve been approached by not only local financing centers but international investors. And together with our partners and the banks, we are working on a target of almost P2-billion more projects in the next 18 months,” Green Heat Managing Director Glenn Tong said during a briefing on Tuesday.
Green Heat has tied up with banks like BDO Unibank, Inc., Bank of the Philippine Islands, and Security Bank Corp. to offer financing options to customers.
The amount is earmarked for “large enterprises with multiple sites” such as SM Supermalls, Landers Superstore, and Wilcon Depot.
Mr. Tong also said that the amount will allow the company to have an additional 100-megawatt (MW) installed capacity in its portfolio, which is currently at 40 MW to 50 MW.
He said that Green Heat’s performance is driven by its “direct business-to-business sales,” as investing in solar panels could incur power savings of 25% to 30% in the first four years.
“I think Filipinos are practical people, much more if you’re a big businessman. And so, we tend to work directly with the big users, because we think that’s where they’ll get the most benefit and best time for that,” Mr. Tong said.
He said that Green Heat’s client base may grow as rooftop solar systems “become much more mainstream, and a lot of people trust the technology now.”
Like other renewable energy firms, the company encounters challenges in permit processing, especially having to deal with different government agencies, Mr. Tong said.
Founded in 2010, Green Heat provides energy solutions for large-scale businesses and established GreenDot in 2015 as its residential arm to cater to small-size installations.
Both companies have introduced new operations and maintenance and quality assurance services to maximize system efficiency, as well as the repair and refurbishing of other solar photovoltaic rooftops that have been left unfinished or malfunctioning. — Sheldeen Joy Talavera
