By Alena Mae S. Flores | Posted on August 04, 2012 | 12:01am
Financial institutions expressed concern over the delay in the allocation of 760 megawatts of renewable energy capacity to investors.
International Finance Corp., the investment arm of the World Bank, said it was interested in financing renewable energy projects following the issuance of the feed-in tariff, but it had not received any new application to date.
“While FIT approval is a big step, allocation of 760 MW to projects that will benefit from FIT still needs to be done and may take time. This will affect application for financing support,” IFC resident representative Jesse Ang said.
The Energy Department approved an installation target of 250 MW for hydro, 250 MW for biomass, 200 MW for wind, 50 MW for solar and 10 MW for ocean technology.
Feed-in tariff provides for a fixed per kilowatt-hour rate for each renewable source for a 20-year period while the installation target refers to the capacity that each renewable energy technology is allowed to put up annually.
Ang said financial institutions were concerned of the delay because if there was “no allocation, no FIT.” source
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