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PIA Press Release

P15-B foreign investment eyed for Albay energy development

by MA Loterte and NI Mediavillo

Legazpi City (12 February) -- Some P15 billion in foreign investment has been set aside to finance renewable energy prospects within the next three to four years seen to spur the province's energy development.

Atty. Rodolfo Bonafe, Albay Electric Cooperative (ALECO) board chairman, averred the project is seen to make Albay the national renewable energy capital of the country in line with Albay Gov. Joey S. Salceda energy development program for the province. Bonafe said once implemented, the project would make the province the "national renewable energy capital" of the country.

Salceda and the province's technical team are in the process of finalizing the documents and agreements with financing institutions from Korea and South America for the multi-billion energy project in the province.

Bonafe expressed optimism that the project will push through after foreign investors in a recent investment meeting have signified their commitment to venture in this energy project.

"Salceda's energy development thrust is in line with the sustainable development efforts of the province with focus on renewable energy resources such as geothermal, hydro and wind, which all abound in Albay," Bonafe said.

The province has been considered as one of the areas which have huge green energy reserves in the entire Luzon region.

"The governor has since been pursuing "green economics" manifesting his commitment to pursue climate change adaptation and disaster risk reduction, preparedness and mitigation measures," he added.

The province targets renewable energy project development for geothermal, hydro, wind, solar and ocean thermal energy in Cagraray Island of Bacacay and in Tiwi and Manito towns.

Salceda, in an interview with Radyo ng Bayan, meanwhile stressed the provincial government is giving priority to renewable energy development since this is an environment-friendly project.

"The project will also address the looming energy crisis in the wake of El Nino, bringing dry spell to some parts of the country, furthermore, will lower the cost of electricity in Albay and even in the entire Bicol peninsula. (PIA/RNB) [top]

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