Itochu mulls renewable energy projects in Phl

MANILA, Philippines – Japan’s Itochu Corp. plans to engage in the development of renewable energy (RE) sources in the Philippines, a top company official said.

Itochu general manager Kenichi Hisatomi said they are looking into the possibility of putting up wind, hydro, and solar power facilities.

As an industrial conglomerate – one of Japan’s biggest – Itochu’s business spans a wide range of industries, from textile and machinery to chemicals, energy and aerospace.

“We have started evaluating renewable energy projects like wind, hydro and solar but we are only in the beginning stages,” he said. “Some of the prospects we are looking at already have feasibility studies.”

Hisatomi added they are also waiting for the feed-in-tariff (FIT) rules to be able to decide on the RE development ventures. “The FIT is very important and we are waiting for it before we decide which project to go to,” he said.

Aside from RE, Itochu is currently pushing investments in ethanol processing, which will be made through unit Green Future Innovations Inc. (GFII).

The Philippine Economic Zone Authority (PEZA) approval will allow GFII to convert its 24-hectare ethanol facility into an ecozone. Based on its initial plan, GFII intends to produce ethanol from a total of 11,000 hectares of sugarcane.

Once completed, the proposed ethanol facility will also to contribute power to Luzon .

The ethanol facility will make available 19 megawatts (MW) of renewable energy, out of which 13 MW can be offered to the Luzon grid to help ease the power supply problem.