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Solar Firm Settles Debt To LGU
- By The Financial District
- Oct 12, 2023
- 1 min read
The local government of Burgos in Ilocos Norte, Philippines, has reached a debt payment agreement with Energy Logics Philippines Inc. (ELPI), allowing ELPI to pay its PHP 15.59 million debt to the municipality.
Energy Logics Philippines Inc. received the exclusive right to develop the Ilocos Norte solar power project in Burgos town in 2011. I Photo: Philippine News Agency
The debt is related to ELPI's application for a building permit for its 95-megawatt solar farm project in the villages of Tanap and Agaga.
Under the compromise agreement, ELPI has paid the principal amount (basic assessment fees) of more than PHP 8.1 million in full. The remaining PHP 7.47 million, which includes fines and penalties, will be paid in installments, considering the company's financial difficulties.
The municipality retains the right to impose penalties and actions if ELPI fails to comply with the conditions set in the agreement.
Energy Logics Philippines Inc. received the exclusive right to develop the Ilocos Norte solar power project in Burgos town in 2011.
The project aimed to provide additional energy capacity to the Luzon grid at a lower cost and involves the installation of 279,410 solar panels, each with a capacity to produce 340 watts. ELPI also plans to develop 132-megawatt wind energy projects in the towns of Vintar and Pasuquin.
