Renewable power sources to help ease crisis by 2017

MANILA, Philippines–Two sources of renewable energy are expected to help ease power shortage in the country when they become operational in 2017. The Frabelle Group of Companies is spearheading the venture by a consortium of players in the fishing industry to build hydroelectric plants that will cover areas in Luzon and Mindanao.

“The primary reason for going into the power industry is to address the lack of supply of power to feed our own factories and shipyards. It is also an opportunity to provide an added service given the concern over the country’s power supply,” Frabelle Group president Francis Tiu-Laurel Jr. said in a statement.

“Aside from lessening the country’s deficit in power with the targeted completion in three years, the hydro plants produce renewable energy. Fuel is free and indigenous. Thus, the electricity produced is not affected by foreign currency fluctuations and price increase of imported fossil fuel. Therefore, aside from the environmental benefits, this will result in cheaper cost of electricity in the long run,” Tiu-Laurel said.

The Frabelle Group has been in the fishing business since the 1960s. It has expanded operations outside the Philippines to include Indonesia, Vietnam, China, Papua New Guinea and South Africa. Its market includes Japan, Thailand, Iran, France, Italy, the United Kingdom, the Middle East and the United States. Other businesses include marine culture, aqua culture, sardine and tuna canning, canmaking, cold storage, ship repair and shipbuilding and commercial real estate.

Prior to its latest venture, the Frabelle Group went into meat processing and manufacturing in 2011 and has gained success in its Bossing and Yummy hotdog brands.

For its renewable energy project, the Frabelle Group partnered with the TSP Group, owned by the Teng family who is into fishing, hotel, food, shipyard, school and hydro power businesses in China.

Also on board for this project is Edcop, the leading designer of hydroelectric power plants, in partnership with Tonkin and Taylor of New Zealand.

The initial investment for the project is roughly P3.1 billion, which the Frabelle Group will fund through a combination of internal sources and bank financing.