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EVEN AS the government has yet to approve the feed-in tariff (FIT) that is designed to lure investors to renewable energy ventures by ensuring them adequate returns, the Department of Energy (DoE) has applications for more than 300 such projects in addition to 236 that already have contracts, official data show.
Department data showed pending applications for 384 projects involving different renewable energy resources with a combined potential capacity of 6,046 megawatts (MW).
Specifically, there are 15 pending applications for geothermal energy development; 28 for biomass projects; 70 for solar; 59 for wind; 21 for ocean power and 191 for hydropower, mostly involving run-of-river projects. Most of these projects are in Luzon.
“We are still continuing to sign contracts for renewable energy after studying the proposals,” Energy Undersecretary Jose M. Layug, Jr. told reporters.
As of July 4, the department had signed a total of 236 renewable energy contracts with a potential capacity of 2,822.97 MW.
Most of the approved projects are in the feasibility study stage.
The World Bank Group’s International Finance Corp. had said earlier this month that it would not finance any more renewable energy projects in the country until the Energy Regulatory Commission approves the FIT, which investors have been waiting for since June last year. — ENJD
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Source: Business World, July 21, 2011
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