The Department of Energy (DoE) has awarded 87 Renewable Energy (RE) contracts to 18 companies which will invest P90.4 billion for the development of biomass, geothermal, solar, hydropower, ocean and wind energy resources in line with Republic Act 9513 or the Renewable Energy Act of 2008.

The new contracts involve five conversions from existing service contracts on geothermal power and 17 agreements on hydropower while new RE projects compose the remainder of the contracts.

The 87 projects are anticipated to generate a total of 4,042 Megawatts (MW) of electricity, of which 1,257 MW constitute additional electric power capacity.

Conversions from existing geothermal agreements with foreign contractor Chevron Geothermal Philippine Holdings, Inc., were also initiated and endorsed to the Office of the President for approval.

The companies that have been awarded RE contracts by the DoE are: Deep Ocean Power Philippines, Inc. (DOPPI) Trans-Asia Renewable Energy Corporation (TAREC); Constellation Energy Corporation (CEC); Century Peak Energy Corporation; PNOC-Renewables Corporation; Energy Development Corporation (EDC); First Gen Bukidnon Power Corporation; Luzon Hydro Corporation; Lucky PPH International, Inc.; First Gen Mindanao Hydro Power Corporation; AV Garcia Power Systems Corporation; Benguet Electric Cooperative, Inc.; Alternergy Philippine Holdings Corporation (APHC); DoST-Industrial Technology Development Institute; and HEDCOR, Inc.

These companies were issued RE registration certificates on the day of the contract signing.

From the effectivity of RA 9513 in January of this year, the total additional power capacity from new RE projects envisioned to be installed within the next five years now runs at 1,636 MW. Some 379 MW will come from the seven contracts issued to six (6) RE developers in September 2009.