MANILA, Philippines--US companies have expressed interest in all 32 Philippine power generation projects presented during the weeklong trip of President Benigno Aquino III to the United States.
Energy Secretary Jose Rene D. Almendras said the projects offered to US investors would be a mix of renewable energy and traditional fossil fuel sources.
Some of the projects are new proposals while a number already have existing service contracts, whose holders are currently looking for joint venture partners, he added.
In a briefing last week, Almendras said that aside from bagging the $1-billion investment from power giant AES Corp., the Philippine government, more importantly, had managed to rouse the interest of US companies in local projects, which included 10 proposals for greenfield power plants.
“I think the real success of the US trip beyond the numbers is the attention we seem to have gotten back to the Philippines—a sense of focus that people are taking notice of the Philippines again. There are analysts saying yes, we’re back in the ballgame,” he explained.
But Almendras declined to identify the many companies that government representatives had talked to and which had expressed intent to invest in the Philippine energy sector.
“In addition to the AES deal, there have been other companies, especially for the renewable energy sector, which are very interested. It’s just that ... that’s the rule of the President—no announcements unless the deals have been signed and confirmed,” he said.
Almendras also revealed that AES could start the construction of new facilities next year. AES plans to expand the current capacity of the 650-megawatt Masinloc coal-fired power plant in Zambales by another 600 MW.
He said that it would be ideal for the company to start construction in 2011 so that the power plant would be up and running by 2014.
By that time, the Luzon grid would need 600 MW in additional capacity to avert rotating brownouts, Almendras added.
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