Friday, December 17, 2010

Swedish firm to develop hydro projects in Luzon

Swedish firm North Investors AB (NIAB) has tied up with Constellation Energy Corp. for the development of hydroelectric power projects in Luzon.

Jan Pettersson, NIAB director, said that the company will invest both capital and expertise in its partnership with Constellation for the construction of about 75 megawatts of hydro power generating capacity.

“We are very keen and serious in investing in the Philippines and we hope to stay here long-term,” he said.

Among the projects the two renewable energy firms intend to pursue are the three- to five- megawatt hydro plant in Dupinga Nueva Ecija, the 39.5-megawatt Alag and 28-megawatt Bongabong hydro facility in Mindoro.

The joint venture plans to start pre-development activities by the first quarter of next year, which would be carried out by a joint team of experts and students from Austria and Philippines.
Pettersson said that they aim to start building the mini-hydro power plants by late 2012.

Jose Leviste, Constellation Energy chairman, said that the company is banking on such renewable energy projects to build its power-generating portfolio.

Besides hydro, the company is also keen on developing a geothermal project in Biliran, Leyte; a wind power project in Panglao, Bohol; and three hydroelectric power projects in Bago and Salug Daku in Negros Occidental.

“We would like to identify and acquire multi-technology [renewable energy] projects for financing and development in the Philippines,” he said.

Constellation Energy is a subsidiary of renewable energy firm EnerAsia Renewables Corp. of Canada.

The latter is among the growing number of renewable energy companies that have set up shop in the Philippines following the signing of the Renewable Energy Act in 2008. The law grants fiscal and non-fiscal incentives to developers of green power projects.

Euan Paulo C. AƱonuevo

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