The influx of interests on renewable energy (RE) investments have been continuing with the Department of Energy (DoE) generating additional $1.040 billion worth of investment commitments for the new batch of 112 contracts signed.

This will round up the number of total RE deals already inked to 206 contracts since the passage of the Renewable Energy Act in 2008. So far, investment commitments now summed up to more than $2.0 billion.

The RE contracts sealed with prospective project developers include: 68 contracts on hydropower; five for geothermal; and 17 contracts for wind. Biomass which are intended for own use of producers totaled 22, with 256 megawatt capacity and entailed investments of P19.9 billion.

Energy secretary Angelo T. Reyes noted, that when all these projects would reach commercial development and set on stream, this can bring in additional capacity of 2,007.5 megawatts.

The gestation for RE projects though usually have long lead times – that it may take three to five years more before any of these capacity would add up into the country’s energy mix.

“The significance of this is, people are expressing confidence in investing in the renewable energy sector, firstly because we have RE Law that was passed about one year ago that afforded fiscal and non-fiscal incentives to renewable energy,” he stressed.

He then added that with the investment inflows, “we are now seeing the fruits of the effort of our RE Law which is becoming a model for other countries.” The goal of the government is to double the country’s RE capacity by 2020.

The companies which signed up contracts include: AV Garcia Power Systems; Benguet Electric Cooperative Inc.; Century Peak Energy Cooperative; Energy Development Corporation; First Gen Bukidnon Power Corporation; First Gen Mindanao Hydro Power Corporation; Trans-Asia Renewable Energy Corporation; Firstmax Power International Corporation; HEDCOR; Luzon Hydro Corporation; Mindanao Energy Systems; Northern Luzon UPC Asia Corporation; Northpoint Wind Power; Oriental Energy and Power Generation Corporation and PNOC-Renewable Energy Corporation.

For biomass projects, developers which applied for contracts are: Hawaiian Philippines Company; Lopez Sugar Corporation; Binalbagan-Isabela Sugar Milling; Central Azucarera Don Pedro Inc.; Sagay Central Inc.; Capiz Sugar Central; Roxol Bioenergy Corporation and Sweet Crystals Integrated Sugar Mill Corporation.

The others are: Basecom Inc.; Davao Sugar Central Co. Inc.; BUSCO Sugar Carlota; Eurotiles Industrial Corporation; Asea One Power Corp.; San Carlos Bioenergy Inc.; First Farmers Holding Corp.; Bataan 2020; Bacavalley Energy Inc.; and Hacienda Bioenergy.