While declining to identify the new investors, Lotilla said an Italian power firm has expressed interest to develop renewable energy sources in the country.
"There has been a resurgence of interest in the power sector even from, I would say, non-traditional sources of investments. I had a visit from the Italian ambassador and even the Italian electric companies are expressing interest in looking at the Philippines as an area of investment for bio-energy/renewable, and for power sector. However, I’m not at liberty to disclose this time," Lotilla said.
The Italian government, he said, is willing to assist in the development of a new technology to harness renewable energy sources.
"In the case of bio-energy or renewable sources of power, there are new technologies that are being researched even by Italian companies (i.e. the use of ocean currents), we actually have a pilot project, where the Department of Science and Technology (DOST) is also one of the partners of the company that is encouraging the use of current technology. Now there are many new technologies, what we want from them is to help bring down the upfront cost," he said.
Lotilla said the US-based company, on the other hand, has signified interest to take a look at every opportunity in the power industry including the possible participation in the bidding o government’s power assets.
"Even American companies are also looking — and again the details I’m not again at liberty to disclose. But the American firms looking at the power sector — and they could either come in and put up Greenfield power plants or participate in the privatization of the National Power Corp.’s (Napocor) generation assets," he said.
Meanwhile, Lotilla announced that two entries from the Philippines won in the recently concluded ASEAN Energy Awards for energy efficient building and renewable energy project.
The Makati Stock Exchange (MSE) Building placed 2nd runner-up in the energy efficiency and conservation best practices competition for buildings under retrofitted building category. Retrofitted building category refers to building of more than five years old where major changes and improvements have been introduced to improve energy efficiency.
Spearheaded by the ASEAN Energy Efficiency and Conservation Sub-Sector Network (EE&C-SSN) and a program under ASEAN Plan of Action, the competition aimed to provide international prominence and recognition to buildings and entities which voluntarily apply energy efficient concepts, systems and technologies.
Lotilla also said the 25 MW Northwind Bangui Bay Wind Power Project of Northwind Power Development Corp. placed first runner-up in the on-grid category of renewable energy project competition.
A pioneering wind power project in the country and the first and largest in Southeast Asia, the 25 MW Northwind Power Project enhances both the quantity and reliability of power supply in the northern region of the country. The project likewise contributed significantly in the reduction of the country’s dependence on imported fuel.
As one of the major criteria of the competition, the Northwind Power Project has provided significant environmental and social contribution to the country. In fact, the project’s emission reduction was the first carbon credit trading in the country under the World Bank Prototype Carbon Fund wherein the Emission Reduction Purchase Agreement was done last December 2004.