BIZ BUZZ: Cebu Pacific readies P60-B war chest
As Cebu Air Inc. expands its aircraft fleet, its parent company JG Summit Holdings recently disclosed the budget carrier would be spending more than it previously estimated.
The operator of Cebu Pacific initially shared it would spend about P50 billion in capital expenditures this year, mainly for fleet-related projects. But JG Summit, in a clarification on Tuesday, said that the airline’s capex was now “estimated to be at least P60 billion.”
READ: Cebu Pacific to buy 100-150 jets worth $12B in biggest aircraft deal in PH history
This reflects the overall plan of the conglomerate to beef up capex to P99 billion from the initial budget of P87 billion.
The budget carrier is expected to receive an additional 14 jets this year.
To date, the airline operates eight Airbus 330s, 39 Airbus 320s, 21 Airbus 321s and 14 ATR turboprop jets. Its network covers 35 domestic and 24 international destinations. —Tyrone Jasper C. Piad
Danish firm goes to Camarines Sur
Danish fund manager and renewable energy developer Copenhagen Infrastructure Partners (CIP) has started installing wind measurement instruments in Camarines Sur, as part of its plan to harness wind power in the area to generate electricity.
In a statement, CIP said it had deployed a vertical and state-of-the-art scanning Light Detection and Ranging (Lidar) system in its 1,000-megawatt San Miguel Bay Offshore Wind Power Project area in San Miguel Bay, a large bay in the Bicol Peninsula.
“Installing the Lidars, which are nonintrusive wind measurement devices, is a project milestone, as we are concurrently ramping up our other activities to progress the development of our projects in a manner that safeguards the environment and the community,” said Rune Damgaard, CIP’s offshore wind co-CEO for the Philippines.
The firm said it plans to install the Lidar system in other wind projects in Samar Norte and Pangasinan. It uses laser technology to measure wind speeds.
Through local subsidiary CI NMF (PH) Corp., CIP became the first 100-percent foreign-owned entity that bagged service contracts from the Department of Energy to construct wind power projects with a combined capacity of 2,000 MW.
The RE projects in the pipeline—Camarines Norte and Camarines Sur (1,000 MW), Northern Samar (650 MW) and Pangasinan and La Union (350 MW)—secured the “green lane” endorsement from the Board of Investments, accelerating permit approval.
“Working closely together with CIP, the Philippine government and the local government of Camarines Sur have taken a key step toward the largest offshore wind farm in the Philippines, bringing jobs to the people of Camarines Sur and power to fuel continued economic growth in the country,” Danish Ambassador to Manila Franz-Michael Skjold Mellbin said. —Jordeene B. Lagare INQ
