MANILA, Philippines - A unit of Canada-based AsiaPac Capital Services Inc. will start the initial batch of feasibility studies for its small hydropower projects with a combined capacity of 70 megawatts.
The subsidiary, AsiaPac Green Renewable Energy Co. Ltd., had recently entered in an agreement with Carbonergy Business Consultancy Services for the preparation of its entry into the Clean Development Mechanism (CDM) program.
Signed on Oct. 5, the agreement will allow the inclusion of AsiaPac’s portfolio of hydropower projects in the CDM program of being developed by Carbonergy.
The company said the program is an option under the CDM to enable companies to generate carbon credits for small hydropower projects.
Asiapac Capital is a diversified Canadian holding company listed on the Frankfurt Stock Exchange that invests in early stage growth and start-up companies concentrating on the Asian market, with particular emphasis on the Philippines. It is active in mineral exploration, renewable energy, logistics and freight forwarding and IT services.
AsiaPac plans to develop 10 small hydro projects with an estimated 70 MW installed capacity to be located in different parts of the country.
For over a decade now, Carbonergy had been part of an international consortium of energy and CDM experts that have been collaborating under the umbrella of the Climate Business Network.
Its clients include the Standard Bank, Swedish Energy Agency and the World Bank. The group is currently elsewhere engaged in CDM-related work in Gabon, Kenya, Tanzania and Mongolia.
Based on the agreement, Carbonergy will be the managing entity for the CDM program in the Philippines that now contains 15 hydropower projects and that could collectively provide a total of 120 MW from run-of-river projects.
This includes a similar agreement it signed with Oriental Energy and Power Generation Corp., sister company of publicly-listed Oriental Peninsula Resources Group.
Carbonergy is working with PhilCarbon, its local partner, on the identification and development of CDM projects in the Philippines.