MANILA, Philippines ? The Department of Energy has awarded 87 service contracts to 18 companies for the development of renewable energy sources, with investments expected to reach a hefty P90.4 billion.

At the signing ceremonies, Energy Secretary Angelo T. Reyes said the contracts involved five conversions of existing service contracts and agreements on geothermal and 17 on hydropower into renewable energy contracts.

New renewable energy projects comprised the remaining 65 contracts that were awarded.

Reyes said the projects were expected to produce a combined 3000 megawatts when these come on stream.

Companies that have been awarded the contracts included Deep Ocean Power Philippines Inc.; Trans-Asia Renewable Energy Corp.; Constellation Energy Corp.; PNOC-Renewables Corp.; Energy Development Corp.; Century Peak Energy Corp.; First Gen Bukidnon Power Corp.; Luzon Hydro Corp.

Lucky PPH International Inc.; Unisan Biogen Corp.; AP Renewables Inc.; Mindanao Energy Systems Inc.; First Gen Mindanao Hydro Power Corp.; AV Garcia Power Systems Corp.; Benguet electric Cooperative Inc.; Alternergy Philippine Holdings Corp.; DOST - Industrial Technology Development Institute; and Hedcor Inc.