SBMA invests in renewable energy
The Subic Bay Metropolitan Authority seeks to play a pioneering role in renewable energy development with the installation of $200-million solar power plant as well as a wind farm project within the freeport.
“This [solar plant] will be one of the first major clean energy projects in the country and the biggest solar installation in the whole Southeast Asia, and it is a big honor for Subic to be the project site. This is very significant since the whole world is looking at renewable energy nowadays,” SBMA chair Roberto Garcia said in a statement.
The 150-megawatt renewable energy project will be undertaken by Emerging Power Inc. (EPI), which put up a 40-MW geothermal power plant in Mindoro last year.
EPI is controlled by Nickel Asia Corp. (NAC), one of the country’s biggest mining firms.
According to SBMA, it recently allowed EPI to acquire a 90-percent stake in Jobin-SQM Inc. (JSI), which is a Subic Freeport-registered company that signed a memorandum of agreement last year with the investment promotion agency and the local indigenous people for the implementation of the clean energy project on Mount Santa Rita.
Garcia said the company hoped to have its Subic solar and wind power project on stream by next year.
The Jobin-EPI project will be a pioneering venture for the establishment of renewable energy facilities in the Subic Bay Freeport Zone.
“This is a big stride toward sustainable development,” Garcia added. “It will help us keep Subic green and it will help us make the Freeport grow further.”
According to Garcia, the project was in line with Republic Act 9513, or the Renewable Energy Act of 2008, which aims to accelerate the exploration and development of renewable energy resources, increase utilization of such and promote their efficient and cost-effective commercial application.
The law was also designed to effectively prevent or reduce harmful emissions to protect public health and the environment.
The development and promotion of renewable energy is among the priority projects of the national government under the Investment Priorities Plan, Garcia added.
