Reported today, the Philippine “Department of Energy (DOE) awarded today (February 1st) 112 service contracts for the development of renewable energy sources, with investments expected to reach as much as P66.8 billion (US$1.4 billion).

“It is expected that these investments will address not only our requirements for additional power but address problems of climate change, and at the same time, stir and drive the economy towards growth and development,” said Energy Secretary Angelo T. Reyes during the signing ceremonies on Monday.

“With investments, you have additional jobs, additional income, additional resources available for government for its infrastructure projects,” Reyes added.

The 112 service contracts are expected to generate a combined 2,264.1 megawatts (MW) in additional capacities. The latest contract signing would bring to 206 the number of service contracts that have been awarded by the DOE since 2009.

Reyes stressed that the signing of the 112 contracts showed the confidence of local and foreign companies “in investing in the renewable energy sector,” which he had attributed to the country’s Renewable Energy Law.

Of the contracts signed on Monday, 68 were for hydropower projects, five for geothermal and 17 for wind power projects. The remaining 22 were awarded for biomass projects of companies that intend to use the electricity they would generate for their own use.

Geothermal project service contracts were awarded to Biliran Geothermal Inc.; Primary Energy Corp.; Petroenergy Resources Corp.; and Constellation Energy Corp.”

Source: Business Inquirer