PhilCarbon, Megawide seal deal to boost RE projects

Renewable energy (RE) developer PhilCarbon Inc. is bullish on its renewable energy projects following its joint venture deal with construction giant Megawide Construction Corp.

PhilCarbon president Ruth Owen said Megawide has the construction expertise and the financial muscle to bring the RE company’s projects to fruition.

PhilCarbon and Megawide have agreed to jointly develop a portfolio of renewable energy projects ranging from biomass, wind, hydro, solar and geothermal with a capacity of 100 megawatts (MW) with investments of about $100 million.

Megawide is engaged in construction of infrastructure works such as buildings, condominiums, railroads, among others and employs advanced technology building systems such as pre-cast concrete and formwork systems in its projects.

“PhilCarbon, as a renewable energy company, is committed to fulfill the government’s vision of energy independence under the Renewable Energy Act of 2008,” Owen said.

Owen said the ongoing conflict in the Middle East that is threatening global oil supply makes it vital for the Philippines to develop indigenous energy sources like wind, solar, hydro, geothermal and biomass.

She said the Philippines is also conscious now of the need to protect the environment and reduce the impact of power projects on climate change.

“In response to the government’s lead, PhilCarbon is focusing on the development of wind, geothermal and mini-hydro renewable energy sources and promoting energy efficiency,” said PhilCarbon chairman Rufino Bomasang.