mmalabanan
A 21-year-old undergraduate student of Yale University is the President and Founder of Solar Philippines, a company that provides solar power system in the country.
Leandro Leviste’s name may sound familiar as he is the son of Senator Loren Legarda with former husband Tony Leviste. But more than having a name that rings a bell, the young Leviste has big dreams for the future of solar power in the country.
In his interview with ABS-CBN News, he revealed how he became interested in the solar power business:
“Last summer, I saw this opportunity. Companies in the US and Europe are doing the same thing, but no one was doing this in the Philippines where the electricity rates are so much higher. So I said, someone has to take this opportunity right now.”
Together with SM, Solar Philippines has transformed SM North into the world’s largest solar-powered shopping mall. With 5,760 solar panels that can produce up to 1.5 megawatts of electricity, Solar Philippines’ second project costs approximately P120 million.
But such huge investment can power SM North’s escalators, elevators, and around 16,000 light fixtures.
He explained: “Customers are aware that it’s going to get good return on investment because when you’re paying electricity for 25 years, why not just pay for solar panels one-time upfront.”
Currently, the pioneering company is already installing solar panel systems in SM Mall of Asia and SM Dasmarinas.
With dozens of projects lined up for the next year, Leviste said that Solar Philippines is aiming to generate a total of 100 MW of electricity.
He added: “It’s the perfect storm of high electricity rates, low solar panel prices and a power crisis that’s making people more aware of the need for renewable sources of energy.”
