Still no foreign investors for geothermal, biomass projects on December 28, 2020 at 10:58 am
The Philippines has yet to catch the attention of foreign investors to develop the country’s geothermal and biomass resources for power despite the government allowing full foreign ownership of such projects, according to Energy Sec. Alfonso Cusi.
But while the Department of Energy (DOE) has not received any application to build a biomass facility wholly owned by a foreign entity, DOE Renewable Energy Management Bureau Director Mylene Capongcol said the department got many applications for biomass projects.
Large-scale geothermal projects are defined as those with an initial investment cost of about USD 50 million capitalization through Financial and Technical Assistance Agreements (FTAAs).
Published December 22, 2020, 7:00 AM
Despite the perceived low capitalization of US$50 million dangled to foreign investors for integrated geothermal resource exploration and power plant development in the country, the Department of Energy (DOE) disclosed that there are no takers yet of the blocks being offered by the government.
“We don’t know of any foreign company yet. There were companies that submitted letters of intent – these are two local companies,” DOE Director Mylene Capongcol said.
She noted that at least three geothermal blocks are being tendered to interested foreign investors: these are prospects in Daclan, Benguet; Puting Lupa in Laguna; and Mt. Labo in Camarines Norte.
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Published December 18, 2020, 1:03 PM
A multi-sectoral technical working group (TWG) has been created to deliberate and sort out issues and concerns on the planned privatization of the 728-megawatt Agus-Pulangui hydropower assets in Mindanao.
In a Department Order issued by Energy Secretary Alfonso G. Cusi this month, it was stated that the members of the Agus-Pulangui Hydropower Complex (APHC)-TWG shall comprise of representatives from the Department of Energy, Energy Regulatory Commission, Mindanao Development Authority (MinDA), Power Sector Assets and Liabilities Management Corporation, National Power Corporation and National Transmission Corporation.
Designated as chair of the technical working group is Energy Assistant Secretary Redentor E. Delola; and the rest will comprise the memberships of the TWG.