RE firm gets access to perks as FIT race gains steam | Inquirer Business

RE firm gets access to perks as FIT race gains steam

/ 08:27 AM November 10, 2014

MANILA, Philippines–The feed-in tariff (FIT) race is heating up as the Department of Energy (DOE) named two wind projects to the incentive program for renewable energy (RE) developers. Two other solar power projects are already in the running for FIT allocation.

DOE Director Mario Marasigan said in a text message that the 150-megawatt (MW) Burgos wind project of Energy Development Corp. (EDC) has been nominated to the Energy Regulatory Commission (ERC) for eligibility under FIT.

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The FIT scheme, provided under the Renewable Energy Act of 2008, guarantees long-term contracts and returns for renewable energy firms through fixed rates to be shouldered by consumers. The scheme covers run-of-river hydropower, biomass, wind and solar power generation. Under the scheme, consumers will start paying a new line item in their monthly power bills starting January 2015.

Marasigan said that November “will be very busy” as more renewable energy developers seek project verification and nomination under FIT. The scheme is on a “first come, first served” basis.

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In a disclosure to the Philippine Stock Exchange, EDC said that the 87-MW Phase 1 and 63-MW Phase 2 of the wind project had “achieved the requisite 80-percent electro-mechanical completion” on Sept. 25 and Oct. 10, respectively.

To date, the project is the only one nominated by the DOE to the ERC, the company said in its disclosure.

But the DOE has also nominated Ayala-led NorthWind Power Development Corp.’s 18.9-MW expansion of the 33-MW Bangui Bay wind farm in Ilocos Norte.

Also racing for FIT-wind allocation is Ayala-led Northern Luzon UPC Asia Corp. with its 81-MW Caparispisan wind project in Pagudpud, Ilocos Norte. The project was supposed to be completed by September.

Trans-Asia Renewable Energy Corp. (Tarec), a wholly owned subsidiary of Trans-Asia Oil and Energy Development Corp., is working on a 54-MW wind power farm in San Lorenzo, Guimaras.

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TAGS: Energy, feed-in tariff, FIT allocation, RE, renewable energy, wind projects
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