The feasibility study will be financed by the Spanish FEV (Linea de Financiacion de Estudios de Viabilidad) granted to PNOC-EDC by the Spanish government through the ICO (Instituto de Credito Oficial).
The Camiguin project study will amount to 145,360 euros while 149,490 euros are budgeted for the Palawan project. Results of the studies are expected to be completed in 18 months’ time.
The study will include site identification, wind resource assessment, and feasibility study of the wind farm sites.
PNOC-EDC president Paul Aquino and Elecnor S.A. head of international business development for Southeast Asia Antonio Piñon Rodriguez signed the contract with Spanish Embassy Economic and Commercial Counselor Jose Miguel Cortes as witness.
"We continue to pursue opportunities for the development, utilization, and commercialization of wind power resources in the Philippines in order to achieve our greater goal of making the Philippines the leading wind power producer in Southeast Asia,"Aquino said.
The country’s premier geothermal firm started exploring wind potential in the Philippines in 1999, resulting in the confirmation of about 120 megawatts (MW) of wind power in Burgos, Ilocos Norte.
Aside from the Northern Luzon Wind Power Project, PNOC-EDC has lined up several wind power projects all over the country.
It has already completed the feasibility study for the 40-MW Pagudpud wind power project also in Ilocos Norte.