CIG: Philippines steaming ahead with $2.5 Billion geothermal investments.

PR Log (Press Release) – Nov 08, 2009 – CIG recently learned that the Philippines, an island nation already heavily invested in alternative energy sources is about award contracts for 19 geothermal power plants thought to attract over US$2.5 billion in private investment.

Government tenders are due for release over the following five months for the first 10 geothermal sites, with another 9 projects already under direct negotiation with selected firms, a Philippine Energy Dept. spokesperson was quoted as saying, Financial Soultions understands.

Two of the chief bidding contenders are the Philippines largest geothermal power producer, Energy Development Corp and Geysir Green Energy, an Iceland based geothermal developer, he disclosed.
The 19 proposed sites are expected to deliver in the region of 620MW of geothermal power, and include 2 volcanoes, Mt Labo and Mt Isarog which are hoped to potentially generate around 135MW.

Last year saw the island nation generate 17% of its total electricity from its present 2GW geothermal ability and the government has announced plans to increase this figure to around 4.5GW before 2020 as part of its overall objective of doubling its renewable energy capacity over the next 10 years, Financial Soultions was informed.

The nation is also involved in wind and tidal power projects and has recently awarded a total of 87 contracts for projects including solar and hydropower. The government has expressed a desire to generate marketable carbon offsets for national development.