Japan, Korean investors infuse $100M in renewable energy firm
09/10/2009 | 02:18 PM
Alternergy Philippine Holdings Corp., founded by former Energy secretary Vincent Pérez, formed a joint venture with Korean and Japanese investors to develop renewable power projects in the country.
A source told GMANews.TV Eurus Energy Japan Corp. and Korea East West Power Co. (EWP) will invest an aggregate amount of $100 million in Alternergy Philippine Investments Corp. following the enactment of the Renewable Energy Act in January, which provides regulatory frameworks and incentives to investors.
Founded in 2007, Alternergy has identified wind power projects in the country with potential of 30 megawatts (MW) to 40 MW each.
“We have formed a strong partnership. We hope to tap on the expertise and experience of the three companies to harness renewable power in the Philippines and contribute to mitigating climate change," Perez said in a statement.
One of the spin-off power generating subsidiaries of Korea Electric Power Corp. (Kepco), EWP owns six power plants in Korea with 9,500 MW in total generating capacity. It is diversifying its fuel portfolio to include renewable power both in Korea and overseas.
Eurus Energy Japan is the wholly-owned subsidiary of Tokyo-based Eurus Energy Holdings Corp., which is owned by Tokyo Electric Power Company, Inc. and Toyota Tsusho Corp.
Through Eurus Energy group companies, Eurus Energy Holdings develops, owns and operates renewable energy facilities, including both wind and solar, with 1,827 MW worldwide.
“Together with EWP, we are very excited to enter the Philippine renewable power market. The Philippines is our primary investment target in Southeast Asia," Minoru Saito, director of Eurus Energy Japan, said. -Ruby Anne M. Rubio, GMANews.TV
A source told GMANews.TV Eurus Energy Japan Corp. and Korea East West Power Co. (EWP) will invest an aggregate amount of $100 million in Alternergy Philippine Investments Corp. following the enactment of the Renewable Energy Act in January, which provides regulatory frameworks and incentives to investors.
Founded in 2007, Alternergy has identified wind power projects in the country with potential of 30 megawatts (MW) to 40 MW each.
“We have formed a strong partnership. We hope to tap on the expertise and experience of the three companies to harness renewable power in the Philippines and contribute to mitigating climate change," Perez said in a statement.
One of the spin-off power generating subsidiaries of Korea Electric Power Corp. (Kepco), EWP owns six power plants in Korea with 9,500 MW in total generating capacity. It is diversifying its fuel portfolio to include renewable power both in Korea and overseas.
Eurus Energy Japan is the wholly-owned subsidiary of Tokyo-based Eurus Energy Holdings Corp., which is owned by Tokyo Electric Power Company, Inc. and Toyota Tsusho Corp.
Through Eurus Energy group companies, Eurus Energy Holdings develops, owns and operates renewable energy facilities, including both wind and solar, with 1,827 MW worldwide.
“Together with EWP, we are very excited to enter the Philippine renewable power market. The Philippines is our primary investment target in Southeast Asia," Minoru Saito, director of Eurus Energy Japan, said. -Ruby Anne M. Rubio, GMANews.TV
