December 6, 2017
H&WB ASIA PACIFIC (Pte Ltd)
Corp., a Filipino-French joint venture (JV) building an ocean tidal power
facility, has backed the creation of a single state-led guarantee agency.
“Ocean power needs strong government
support. The kinetic energy of tidal currents produces stable electricity
supply. This is real ‘grid smart’ technology because it can provide steady
ancillary service supporting the transmission of electricity from generation to
customers up to far-flung areas,” said Antonio A. Ver, president of H&WB
Asia Pacific (Pte Ltd) Corp. in a statement.
H&WB and French marine energy
technologies and engineering company Sabella SAS are jointly building a
$25-million pilot phase of an ocean tidal power plant in San Bernardino Strait.
The project, under special purpose
company San Bernardino Ocean Power Corp. (SBOPC), aims to boost the country’s
renewable energy portfolio.
Mr. Ver said the government’s plan
to put up a single government guarantee system, which was endorsed in October
by the Governance Commission for Government-Owned or -Controlled Corporations
for President Rodrigo R. Duterte’s approval, will bolster the chances of SBOPC
getting the international funding.
H&WB said the project was
shortlisted in May 2017 for possible financing under the fifth funding cycle of
the International Renewable Energy Agency/Abu Dhabi Fund for Development
(IRENA/ADFD).
ADFD requires a government guarantee
letter and a guarantee agreement for loan applicants that are private entities
such as SBOPC.
“The ADFD loan facility is an
effective financing strategy for the San Bernardino ocean power plant and
securing the funding will certainly accelerate the construction and development
phases of the project and jumpstart the development of ocean energy,” he said.
— Victor V. Saulon
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