Energy Logics of the Delgado Group remained keen on pursuing its planned 670-megawatt wind and solar power portfolio, despite the troubles hounding the renewable energy industry.
“We at Energy Logics believe that we must continue to pave the way for renewable energy. We are custodians of our planet for future generations and we must make immediate changes to preserve our resources,” said company managing director Marco Prieto Delgado in an interview.
Delgado told the Inquirer that the company remained optimistic on and still viewed renewable energy as a bright investment spot in the country.
“The Philippines is one of the countries that have subscribed to renewable energy ahead of others as early as the 1970s through geothermal and hydro. We are also one of the first to pass a renewable energy law. Our country is blessed with abundant natural resources that can be harnessed to generate enough power to be self-sufficient and cost-effective, but we have to keep going,” Delgado said.
Over the next seven years, Energy Logics plans to put up wind farms that can generate a total 420 MW, and a solar power portfolio that can produce more than 250 MW in additional capacity.
Energy Logics’ proposed projects, which may require $1.8 billion in investments over the next seven years, are currently being held back due to delays in the issuance of feed-in-tariff rates for renewable energy sources.
Delgado said that because of these delays, the timelines of the company’s projects had been pushed back by at least six months. The financial closing for its projects, particularly the 120-MW Pasuquin East in Ilocos Norte, can be completed only after the feed-in-tariff rates are finalized and announced, he said.
Delgado also said the delays were also giving “foreign investors another reason to doubt the competitiveness of the Philippines as an investment site.”