Korean firm Youil Renewable Energy Corporation, a subsidiary of Youil Ensys Corporation, is eyeing to cough up an initial investment of $40 million (roughly P1.8 billion) for a 10-megawatt concentrating solar power (CSP) facility in a site in Bohol province.

In an interview, Youil Renewable Energy director Kenny U. Mah disclosed that they are now at the process of applying for pre-development contract with the Department of Energy. Pre-feasibility studies have already been concluded on the prospects.

The timing as to when the facility can be set on stream shall depend on how soon the final rates on the feed-in-tariff (FIT) will be applied for by the National Renewable Energy Board (NREB) and subsequently approved by the Energy Regulatory Commission.

“We are looking at the timing when the feed-in-tariff will be in place. We understand that the rules governing the FIT Allowance have already been issued by the ERC,” he stressed.

Putting a CSP photovoltaic system into commercial operation, he said, require very short gestation period. “It can be done in three months,” Mah added.

After its initial investment on solar, the Korean firm is also looking at an investment opportunity for cogeneration facility in Batangas that may yield additional capacity of 5 to 7 megawatts.

Mah noted that his company was encouraged to look at investment prospects in the Philippines because of the incentives being offered under the Renewable Energy Law.

Nevertheless, like all the other players in the industry, the Korean firm is also keeping watch on the final number for the feed-in-tariff; and how fast regulatory processes would be able to work on them.

As far as solar development is concerned, Youil Renewable Energy noted that it can bank on its track record for project developments in its home-country Korea, as well as in Canada; and also the experience it gained from a tie-up with a German company.

Technology sourcing-wise, the Korean firm noted that it can depend on its mother unit in Korea, and this is something that it can bright forth on its planned solar ventures in the Philippines.