EDC chairman and president Sergio Apostol said the plan would involve putting up 19-MW hydropower facility in Panay and another 29 MW plant in Capiz.
He said the EDC is also looking at the possibility of accessing funds from German funding institution, KfW; the Danish government through the DANIDA Fund; and the Spanish government; and the Korean government for EDC’s various energy development projects.
Most of the funds to be sourced, Apostol said, would be used for feasibility studies.
The Japanese government, through the Japan Bank for International Cooperation (JBIC) is one of the major fund providers for EDC’s projects.
EDC is tapping JBIC to fund the first phase of the company’s 120-MW wind farm project in Burgos, Ilocos Norte.
The three-phase wind project will be the biggest commercial wind farm project in Southeast Asia. Phase I of the project is scheduled for commissioning in 2005, and is being financed under the 4th special yen loan scheme amounting to ¥5.857 billion.
The Nubenta, Bayog and Manoc-manoc projects, on the other hand, are being developed through a 40 million euro loan from the German government. As an initial phase, the German government through KfW, has committed to finance the full feasibility study for the three candidate sites. Long-term wind monitoring in these areas are expected to start by the first quarter next year.
The country’s premier geothermal firm has also ventured in wind-solar-diesel hybrid power with a demonstration project in Malaguicay, Abuyog, Leyte. The project is being funded by the New Zealand Ministry of Foreign Affairs and Trade- Asia Development Assistance Facility (NZMFAT-ADAF) and aims to demonstrate the viability of hybrid systems versus conventional diesel generators for off-grid barangays.
EDC has already installed a 30-meter wind and solar data in the area to verify wind and solar data for the location. In addition, ADAF is extending support for the initial installation of electric meters in the consumer-households of the barangay to accurately measure the power consumption.
EDC also submitted a proposal to the Spanish government for the financing of feasibility studies of new wind farms in Mindanao, particularly in the islands of Camiguin, Dinagat and Siargao. A separate proposal, also to the Spanish government, is currently being prepared for feasibility study grants for Northern Palawan.