Business World Online
Posted on October 16, 2013 11:13:49 PM
ENERGY services provider Cofely South East Asia Pte. Ltd. is set to secure a $20-million loan from the Asian Development Bank (ADB) for energy efficiency-related projects, officials told reporters yesterday.
“ADB will enter a partnership with Cofely. This will be ADB’s first industrial client, and the partnership will entail a loan agreement that will be signed next week,” Peter du Pont, ADB consultant for energy efficiency initiative, said during a briefing in Cabuyao, Laguna.
“The loan amount is $20 million, and [the agreement] will be formally signed on the 24th. It will be a multi-currency loan that will be used by Cofely to invest in energy-saving projects and systems,” Mr. du Pont added.
Raymond A. Marquez, Cofely general manager for Philippine operations, said during the same briefing that the company will use the loan “to fund its projects in Thailand, Malaysia and Philippines.”
Mr. Marquez said about $5 million from the $20-million loan will be allotted for its energy-saving projects in the country.
“The existing projects right now involve the retrofitting of chilled water systems of two hotels,” he said, explaining that chilled water systems refer to air-conditioning systems.
The official identified the hotels as Waterfront Cebu City Hotel & Casino and Waterfront Manila Pavilion Hotel & Casino.
“Part of the loan will go to the Waterfront Hotel in Cebu and Manila Pavilion. About $3 million for both projects -- $2 million for Waterfront and $1 million for Manila Pavilion,” Mr. Marquez said.
The remaining $2 million from the allotted $5 million for the Philippines will be spent on future energy-saving projects that the company will develop.
Mr. Marquez said that retrofitting the hotels’ chilled water systems already began in August.
“That will be completed by February 2014. Construction is ongoing for both,” he said.
The $15-million portion of the loan will go to projects in Thailand and Malaysia, but the Cofely official noted that about 60% will be allotted for Thailand.
Mr. Marquez said that the new energy-saving projects in the Philippines add to Cofely’s existing projects in the country. The company has developed a chilled water system for First Sumiden Circuits, Inc., at the Light Industry and Science Park of the Philippines in Laguna -- where ADB conducted a site visit yesterday.
The company’s other projects involve chilled water systems for Bank of the Philippine Islands’ offices on Ayala Avenue and Senator Gil Avenue in Makati City; Mariwasa Siam Ceramics, Inc.’s manufacturing facility in Santo Tomas, Batangas; and Sofitel Hotel in Manila.
For his part, First Sumiden Senior Vice-President Tim G. Batac said that Cofely was able to “demonstrate a chilled water system” that was able to generate “up to 40% savings in terms of electricity cost.”
“The chillers used by the system also have a combined average efficiency of 1.179 per kilowatt tons of refrigeration (kW/TR) from 0.769 kW/TR,” he added.
Mr. Batac said that First Sumiden has so far invested $1.2 million to put up the chilled water system for the company’s plant in Laguna.
“With Cofely’s high-efficiency chiller system, which we started using in 2008, we were able to generate savings of up to $292,000 already and this year, we are expecting additional savings amounting to $120,000,” he said.
Singapore-based Cofely, according to its Web site, provides efficient and innovative solutions for businesses related to facility management, energy management, commuter street lighting and utilities. -- Claire-Ann Marie C. Feliciano source
“The loan amount is $20 million, and [the agreement] will be formally signed on the 24th. It will be a multi-currency loan that will be used by Cofely to invest in energy-saving projects and systems,” Mr. du Pont added.
Raymond A. Marquez, Cofely general manager for Philippine operations, said during the same briefing that the company will use the loan “to fund its projects in Thailand, Malaysia and Philippines.”
Mr. Marquez said about $5 million from the $20-million loan will be allotted for its energy-saving projects in the country.
“The existing projects right now involve the retrofitting of chilled water systems of two hotels,” he said, explaining that chilled water systems refer to air-conditioning systems.
The official identified the hotels as Waterfront Cebu City Hotel & Casino and Waterfront Manila Pavilion Hotel & Casino.
“Part of the loan will go to the Waterfront Hotel in Cebu and Manila Pavilion. About $3 million for both projects -- $2 million for Waterfront and $1 million for Manila Pavilion,” Mr. Marquez said.
The remaining $2 million from the allotted $5 million for the Philippines will be spent on future energy-saving projects that the company will develop.
Mr. Marquez said that retrofitting the hotels’ chilled water systems already began in August.
“That will be completed by February 2014. Construction is ongoing for both,” he said.
The $15-million portion of the loan will go to projects in Thailand and Malaysia, but the Cofely official noted that about 60% will be allotted for Thailand.
Mr. Marquez said that the new energy-saving projects in the Philippines add to Cofely’s existing projects in the country. The company has developed a chilled water system for First Sumiden Circuits, Inc., at the Light Industry and Science Park of the Philippines in Laguna -- where ADB conducted a site visit yesterday.
The company’s other projects involve chilled water systems for Bank of the Philippine Islands’ offices on Ayala Avenue and Senator Gil Avenue in Makati City; Mariwasa Siam Ceramics, Inc.’s manufacturing facility in Santo Tomas, Batangas; and Sofitel Hotel in Manila.
For his part, First Sumiden Senior Vice-President Tim G. Batac said that Cofely was able to “demonstrate a chilled water system” that was able to generate “up to 40% savings in terms of electricity cost.”
“The chillers used by the system also have a combined average efficiency of 1.179 per kilowatt tons of refrigeration (kW/TR) from 0.769 kW/TR,” he added.
Mr. Batac said that First Sumiden has so far invested $1.2 million to put up the chilled water system for the company’s plant in Laguna.
“With Cofely’s high-efficiency chiller system, which we started using in 2008, we were able to generate savings of up to $292,000 already and this year, we are expecting additional savings amounting to $120,000,” he said.
Singapore-based Cofely, according to its Web site, provides efficient and innovative solutions for businesses related to facility management, energy management, commuter street lighting and utilities. -- Claire-Ann Marie C. Feliciano source
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