Philippines to become a leader in clean energy projects
The presentations were given by seven local investors looking to receive an aggregate financing of $157 million (€126.7 million) for their bioenergy initiatives.
Roger Carlson, acting mission director of the United States Agency for International Development said: ‘These investments are geared not just on lowering climate change but also to assure energy sufficiency in the Philippines.’
He went on to explain that the aggregate financing would give a number of mid-scale projects dedicated to producing bioelectricity and clean transport technology the opportunity to contribute towards the Philippines’ energy supply, while reducing the nation’s carbon dioxide output.
CTI is a global partnership involved in bringing together project proponents and potential investors. It has established financing networks in the Philippines, China, Indonesia and India.
According to CTI these financial investments can cut carbon emissions in the Philippines by over 300,000 tonnes every year. This is equivalent to taking half a million cars off the roads.
The seven projects that have been selected for financing are SURE’s first commercial multi-feedstock anaerobic digester in Southeast Asia; a 10MW Timababab hydropower project by Oriental Energy and Power Generation Corporation; E Save Transport System’s e-Taxicle; the 10MW Pangasinan W@E gasification facility from Greenenergy Solutions; Ormin Power’s 10MW Inabasan mini-hydropower project, Philippine Biodiesel Initiative by Eco-Life, and Green Building by Italpinas.