BOI approves renewable energy projects worth P25.1B
The Board of Investments (BOI) has approved several renewable energy projects worth P25.1 billion in the first five months of 2013.
The projects are expected to provide an additional 269 megawatts (MW) to address the country’s power needs, especially in Mindanao, the BOI said in a statement.
Earlier this month, First Gen Mindanao Hydro Power Corp. (FGMHPC) received the board’s approval to develop three hydropower energy resources in Mindanao worth P11.96 billion. The projects are expected to generate 62.75 MW in capacity.
FGMHPC will construct the 23-MW Bubunawan hydropower facility worth P5.07 billion in Baungon and Libona, Bukidnon. It will have two units of 11.5-MW turbine-generator sets. FGMHPC is expected to produce an annual average of about 138 gigawatt hours (GWH). It has the capacity to generate a maximum of 201 GWH in clean and renewable energy each year. It will provide jobs for up to 45 people.
FGMHPC is currently negotiating with Cagayan Electric Power and Light Company Inc. and Misamis Oriental-I Electric Service Cooperative for the necessary interconnection arrangements.
FGMHPC is also expected to put up P1.803 billion for a hydropower project in Cabadbaran town, Agusan del Norte. The project will involve the construction and installation of up to three units of 3.25-MW turbine-generator sets.
The project will also be imbedded in the Agusan del Norte Electric Cooperative’s (Aneco) distribution system through a 12-kilometer tie line to be constructed at the same time. The facility is estimated to produce an annual average of about 50 GWH, with a maximum yearly generation capability of about 85 GWH.
Another project is the P5.06-billion Puyo hydropower facility in Jabonga, Agusan del Norte. It involves the construction and installation of two units of 15-MW turbine-generator sets. It will be linked with the Aneco distribution system through a 16-kilometer transmission line.
The Puyo facility is estimated to generate an annual average output of about 191 GWH.
All the facilities are expected to go online by January 2017.
Renewable energy has become a major component of the country’s core power supply. In recent years, renewable energy has accounted for nearly 60 percent of the Philippines’ energy requirements. The long-term goal of the government is to increase the nation’s renewable energy capacity to 15,303 MW by 2030—three times the 2010 output of 5,438 MW.
