Trans-Asia Oil seeks partners for $1-billion wind power projects

MANILA, Philippines - Trans-Asia Oil and Energy Development Corp., the energy arm of the Philippine Investment Management Inc. (Phinma) group, is looking at tapping partners for its proposed $1-billion wind power projects.

Trans-Asia president and CEO Francisco Viray told reporters that they are planning to put up 400 megawatts (MW) of wind power over the next few years in different locations all over the country.

Viray said each megawatt of wind power will require about $2.5 million in investment. He said they would be needing a partner, either local or foreign, to realize this goal.

For the meantime, he said they have completed the pre-feasibility study for wind power projects in Guimaras.

He said they are currently conducting two more wind power studies in Caga-yan Valley.

The company, he said, is expected to finish the Guimaras wind power projects with a total capacity of about eight MW in 2012 if everything goes as planned.

“Depending on the assessment of the wind measurement, viability and regulatory requirements, we see could see concrete results from these wind power projects in the next six years,” he said.

Viray said for the eight MW wind power projects, they may proceed even without a partner. For these eight alone, the company would need about $20 million.

But he said for other wind power projects in the future, they may need to enter into strategic partnership.

According to the Trans-Asia official, if they would be able to connect these projects to the main grid through National Grid Corporation of the Philippines, they may also consider expanding the wind power projects in Guimaras to 54 MW.

“We have set up four other measuring mast, two more in Guimaras and two in Cagayan. And we’re looking at one in Camarines. We will probably put our fifth mast. What is definite is that we’re putting up eight MW to be commissioned in 2012 and if we can get NGCP to put up the cable as hopefully required by the Renewable Energy Act of 2008, then we will expand that to 54 megawatts, I guess in the next two years. You need about two years data before you can do pre-feasibility studies,” he said.

About three MW, Viray said, is likely to be sold to the island of Guimaras and the remaining capacity exported to other islands.

The Trans-Asia executive said the planned 400-MW projects will involve 38 different sites, mostly in the Visayas and Luzon.

Trans-Asia has a capacity of 74 MW-50 MW in Bulacan, 21 MW in Calamba and 3.4 MW in Guimaras. All of these power plants are diesel-fired.

The proposed Guimaras wind power plants will be hybrid, which means they could also run using diesel fuel.

Aside from power generation, the Phinma group is also into housing, education, energy and financial services.