Metrobank units: It's time to develop renewable energy

First Metro Investment Corp. and Global Business Power Corp. have signed a memorandum of understanding to develop renewable energy projects in the Philippines. First Metro and Global Power are members of the Metrobank group. The memorandum said First Metro will outline the funding requirements of renewable energy projects while Global Power will establish the commercial viability of the projects. In a statement issued Thursday, First Metro said it supports the expansion of the power generation sector as key to the country’s economic development. “We believe that it’s time to develop renewable energy alternatives, and they should be pursued as a priority," First Metro said. The Department of Energy expects to generate 4,000 megawatts of renewable energy capacity in the “medium term" that is foreseen to provide up to 40 percent of the country’s primary energy requirement. “The key to realizing the potentials of the renewable energy projects in the Philippines is establishing the business viability and financial feasibility of these projects that will make these projects bankable on a commercial basis," according to First Metro. There is a need to “bridge the gap" between renewable energy projects and the reality of generating bank financing for these projects, the company added. First Metro raised over $1.5 billion for the power sector in the last two years, the company said, expecting to “generate more" as the business sentiment in the Philippines is bullish. For its part, Global Power said it recognizes the power industry as a critical sector in the development of the country’s economy. Global Power said: “We have a huge advantage of having renewable energy sources in the country… The memorandum will make a significant contribution to the energy sector’s growth." — JE, GMA News