Energy World International eyes hydro opportunity in the Philippines
Energy World International Ltd. of Australia is expanding its portfolio of projects in the Philippines to include a hydropower plant with a capacity of up to 140 megawatts and a 200-MW wind farm, a company official said over the weekend.
Eduardo Rodriguez, Energy World country manager and former Quezon governor, told reporters aside from a liquefied natural gas terminal now under construction, the company was looking into hydro and wind projects in Quezon province.
“We want to go to Kanan hydro, that’s 120 to 140 MW and also for a wind farm, our target is 200 MW in General Nakar, Quezon,” Rodriguez said.
The official said investment for the Kanan hydro project would likely reach $400 million while the estimate for wind farm was being reviewed due to the reduction in wind turbine cost.
Rodriguez, meanwhile, said preparations were being made for the company’s LNG terminal, the first to be established in the country once completed by January 2014.
Standard Chartered Bank will finance the LNG project in Barangay Ibabang Polo, Grande Island, Pagbilao, Quezon.
The LNG terminal will be built in phases. The first phase of the project will include a 130,000 cubic meter LNG storage tank, regasification facility, jetty, and supporting infrastructure. The second phase will include an additional 130,000 cubic-meter LNG storage tank.
“We are now going to start our work for the 130,000 cubic-meter LNG tank. Next year, we will start our jetty,” Rodriguez said.
He said the first phase of the LNG terminal would be completed by January 2014 while the 150-MW power plant could be ready by 2016.
Rodriguez said the construction of another 150-MW power plant would depend on the demand for natural gas and power.
He said the company would initially build one terminal hub costing $100 million and a power plant estimated at $150 million.
Rodriguez said the company would sell the electricity generated from the LNG plant directly to the Wholesale Electricity Spot Market.