TeaM Energy to invest $150M in renewable energy projects

TeaM Energy Philippines plans to put up more than 50 megawatts (MW) of new capacity from renewable energy sources, its top official said Monday. Company president Federico Puno said in a press briefing TeaM Energy will spend over $150 million for the projects that are estimated to cost $2.5 million to $3 million each, adding that the company is conducting feasibility studies on mini-hydro, biomass and solar energy projects. At least five mini-hydro projects, each with five-MW capacities, are being planned in northern Luzon. Bulacan and Batangas, meanwhile, may be the sites for two 10-MW solar power projects. An 11-MW biomass power facility running on coconut leaves and rice husks is also in the works. The studies, Puno noted, would determine if the projects qualify for the feed-in-tariff rate which acts as an incentive for companies to invest in renewable energy — reducing the country’s dependence on imported fossil fuel. The company is also in talks with potential buyers of renewable energy. TeaM Energy Foundation Inc. (TEFI) is also expecting to contribute 90 percent to the household electrification project (HEP) of the Energy Department. According to the Energy Department, the project aims to attain 90 percent household electrification (HEP) by 2017. TEFI will be expanding its HEP by 3,400 households, bringing the total HEP to 4,063 in Luzon, said TEFI deputy executive director Roderick de Castro. The foundation is targeting 558 households in Visayas and another 1,769 households in Mindanao, particularly in the Basilan, Sulu and Tawi-tawi areas. — BC/VS, GMA News