SEOUL, South Korea -- After initially keeping its eye on potential wind power development, Korea East-West Power Co. Ltd. (EWP) is exploring to expand investment foray in the Philippines to prospective mini-hydro and liquefied natural gas (LNG) projects.

In an exclusive interview, EWP president Gil Gu Lee disclosed that for the mini-hydro projects, the partnership may continue with Alternergy Philippines Holdings Corporation, a company chaired and founded by former Energy Secretary Vincent S. Perez.

“In addition to wind energy, we are looking for investments in mini-hydro with Alternergy,” he said.

The other investment area it is willing to pursue will be for LNG
facilities, especially for a project utilized for power generation; and EWP cannot also be left out on some fossil fuel-based power projects, primarily coal plants.

“Aside from renewable energy, we are looking for opportunities to invest in fossil fuel, like coal plants; and we are also looking for LNG power plant – either as investment or participation in the operation and maintenance (O&M) together with local partners in the Philippines,” Mr. Lee stressed.

As far as the wind projects are concerned, EWP is cornering majority equity of 45% in the corporate vehicle that will eventually bring the prospect wind farms to development. Another partner, Japan’s Eurus Energy will corner the other 45%, while local partner Alternergy assumes the minority stake.

But Mr. Lee credited Alternergy for steadfastly preparing the groundwork for such investment opportunity -- that when proven for commercial development may yield 260 megawatts of renewable energy capacity for the country.

Alternergy was the one awarded by the Department of Energy (DOE) with six service contracts to conduct exclusive wind assessment/studies in areas such as Ilocos Norte, Cagayan, Mindoro, Rizal and Laguna.