Enfinity Phils to invest $1 billion for RE projects

MANILA, Philippines - Belgian based firm Enfinity announced it will be investing $1 billion in the Philippines through its local firm Enfinity Philippines Renewal Resources Inc for its 500 megawatts renewable energy projects.

Enfinity Chief Executive for Asia Pacific Gino Van Neer said that their firm will finance, install and operate at least 500 megawatts with estimated investments of $1 billion in the next three to five years.

During the memorandum of agreement signing yesterday held at the Board of Investments (BOI), Van Neer said that they can build a 10- megawatt solar energy facility six months. A 20-megawatt facility will take six to nine months to construct.

“We are the fastest in the market. What differentiates us is our speed in bringing electricity in the Philippines,” he explained.

In 2011, Enfinity is expected to have already infused P9 billion in the local energy industry. The solar energy projects are in Tarlac, Zamboanga and Davao. Each will have 20MW plant. Van Neer estimated the investment to be P1.5 billion per 10MW. The company needs 20 hectares of land per 10MW.

The first MOA signed yesterday was the MOA between Enfinity and Davao Del Sur Province and Davao del Sur Electric Cooperative Inc (DASURECO). The second was between Enfinity and Zamboanga City, Zamboecozone and Zamboanga Electric Cooperative Inc. (ZAMCELCO). The third was between Enfinity and the Province of Tarlac and the Tarlac Electric Cooperative In II (TARELCO II).

Likewise, Enfinity is finalizing its agreement with state-owned National Power Corp. (NAPOCOR) to provide cumulative 10 to 20MW solar capacity in isolated areas and islands of Luzon, Visayas and Mindanao.

As per the Department of Energy, Enfinity has pending applications for service contracts for the first 110 MW in Cavite and Mactan PEZA Export Zones for 50 MW and another 50MW in the Clark Freeport Zone. There are also applications for not less than 10 MW in Camotes Island, Dinagat Island Surigao de Norte, Polilio Island, Sibuyan Island, Casiguran Aurora Province, Sakol Island, Tawi-Tawi and Kalamansig Sultan Kudarat.

Enfinity already has three existing MOAs with Clark, PEZA and Tarelco I. these are for 120MW facility with an investment of $350 million.

Enfinity focuses on investing in photovoltaic solar energy and wind energy in various countries in Europe, Asia, Middle East and the US. It is the market leader in Europe in renewable energy and has investments of $2 billion worldwide.