Energy dep't signs $1.5-B clean energy contracts

The Energy department on Monday signed at least $1.5 billion worth of renewable energy contracts, which it said showed local and foreign investor confidence in the emerging clean energy industry. The agency has awarded some 68 mini-hydroelectric contracts, five geothermal and 17 wind energy projects with estimated investments of $1 billion. For biomass projects, the Energy department approved 22 service contracts amounting to P19.9 billion or about $500 million. Energy Secretary Angelo Reyes said the signing of the 112 renewable energy contracts showed continuing interest in the country's power industry. "People are expressing confidence in investing in the [renewable energy] sector. This is because we have a Renewable Energy law that was passed a little over a year ago that accorded fiscal and nonfiscal incentives to [renewable energy initiatives]," he pointed out. The Energy department, through its Renewable Energy Management Bureau, signed the renewable energy service contracts. — GMANews.TV