Manila Times.net
ONE of Korea’s largest solar power developers, Youil Ensys Corp., is keen on pouring investments in the Philippines. Scott Kim, Youil chief executive officer, said the company, through Philippine unit Youil Renewable Energy Corp., plans to put up a 30-megawatt plant and a 10-megawatt facility in Negros and Bohol.
”As soon as we get approval the construction is only six months. After six months -after installation finished, we get approval- the plant will be operating,” he said.
The two projects are estimated to cost a combined $120 million, or around $4 million per megawatt.
Youil is a publicly-listed firm in South Korea that builds and operates solar energy plants.
Although double the cost of putting up coal plants, solar generating facilities would help the Philippnies reduce its import bill and greenhouse gas emissions.
The company’s proposed projects, however, hinge on the approval of the renewable energy feed-in-tariff (FIT).
”Without FIT, we cannot proceed with the project. It’s like in Spain, Germany, Korea [and] Canada. Those countries already have FIT program right now... This is our first investment in the Philippines,” Kim said.
The FIT, which was mandated by the Renewable Energy Act of 2008, sets guaranteed payments over a definite period of time to renewable energy developers.
The agency tasked with overseeing the implementation of the Renewable Energy Law, the National Renewable Energy Board (NREB), has yet to come up with the FIT for regulators’ approval.
”It already passed one and a half year, the FIT rates, FIT issue. They have not given answer for price so we would like to know. We’d like to push the government (to approve it),” Kim said.
EUAN PAULO C. AÑONUEVO
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