22 December-2008 in Manila Standard Today
UK company signs Panay power project agreement
Green Power Panay Philippines Inc., an affiliate company of Global Green Power Plc of the UK, has signed electricity supply agreements in Panay that will pave the way for the construction of two biomass-fired power plant projects.
Green Power Panay will invest $80 million for the two 18-megawatt biomass plants. The first plant is targeted for completion on January 2011 with the second coming onstream later.
Each plant is estimated to contribute P9.3 billion in economic benefits to the communities involved through job creation and other related industries over the 25-year contract period.
This is the first renewable energy supply agreement forged on the same day that President Gloria Macapagal Arroyo signed the Renewable Energy bill into law on Dec. 16.
“We signed agreements with Iloilo Electric Cooperative I and II on Dec. 16 and Dec. 17, respectively. The signing of the ESAs will kick off our RE projects in the Philippines and we are very proud that our contracts are the first to be awarded after the Renewable Energy bill was passed,” Global Green Power founder and chief executive David de Montaigne said.
“During my recent meeting with President Arroyo along with Congresswoman Rachel Arenas, we were encouraged to develop our projects with all possible haste to deliver energy security, employment and consistent, reliable clean energy to the Philippines” De Montaigne added.