State-owned Development Bank of the Philippines (DBP) has entered into an agreement with three companies in the United States and Canada to explore possible joint undertakings in viable new and renewable energy projects in the country, DBP president Reynaldo David said.

American firm Constellation Energy Corp., Toronto-based Foundation Markets, and Canadian-Filipino firm Enerasia Renewable Corp. have agreed to help DBP in identifying potential sites for the projects, David said.

They are also expected to help address the capital requirements of identified projects, he said.

Constellation Energy is engaged in exploration, development, utilization and commercialization of various renewable-energy projects, such as ocean, solar, wind, biomass, hydro and geothermal power, David said.

In the Philippines, it has applied for authority to develop wind power sites in Ilog town in the province of Negros Occidental and in Pamplona town in Negros Oriental. It is currently in the prequalification phase, David said.

He described Foundation Markets as an investment bank and limited market dealer focused on assisting companies to raise private capital and go public, and Enerasia Renewable as an emerging developer of renewable energy opportunities in Asia.

The Department of Energy earlier said it would award six pre-commercial contracts for wind resource development this year for four sites in Ilocos Norte province, one in Negros Occidental and one in Negros Oriental.

President Gloria Macapagal-Arroyo last month signed the Renewable Energy Act. She said the Philippines was considered the second-largest geothermal producer in the world and had the highest wind power potential, a high solar power penetration, and abundant hydropower and biomass resources. Amy R. Remo