18 June 2009 in Good News Pilipinas
UK firm invests P5.6B in biomass plants
UK-firm Global Green Power will invest more than 5 billion pesos in building three biomass power plants in Panay, Nueva Ecija and Pangasinan.
Grace Yeneza of Global Green Power, said the company, through its subsidiaries, will invest a about $40 million for each plant. The three plants have a combined capacity of 15 megawatts.
She said these projects are the first to be endorsed by the Department of Energy since the passage of the Renewable Energy Act in December and all recently received Board of Investment registration as pioneer projects.
The Panay project had its groundbreaking in Mina, Iloilo last May. This project is expected to help alleviate the power supply problem in Panay Island.
With the signing of the implementing rules and regulations of the Renewable Energy Act, the Philippines is expecting to generate up to $10 billion in fresh capital from renewable energy development projects in the next 10 years.
Department of Energy officials said the Philippines has a potential of 200,000 MW of power from renewable energy.