Albay expects over P15 billion in energy investments

MANILA, Philippines - It is now certain. Over P15 billion in foreign investments in energy projects will be poured into Albay in the next three to four years.

This was revealed by Lawyer Rodolfo ‘Jong’ Bonafe, board chairman of the Albay Electric Cooperative (Aleco), who said the new investments will further consolidate Albay’s reputation as the “national renewable energy capital” of the Philippines.

Renewable energy development, particularly of geothermal and wind energy, is among the priorities of Albay Gov. Joey S. Salceda which complements his sustainable development strategy and supports his public governance initiatives in climate change adaptation, mitigation and risk reduction.

Aside from geothermal and wind energy, Bonafe said Salceda also wants to tap Albay’s hydro-solar and ocean thermal energy resources in Cagraray Island and the towns of Manito and Tiwi which is renowned for its many hot springs.

Bonafe likewise disclosed that in some investment meetings he personally attended, several South American and Korean investors have already declared their decision and commitments to invest in Albay’s identified energy projects.

Albay is acknowledged as the leader in the generation of “green energy” in the country from its rich geothermal resources.

Renewable or green energy development, Bonafe pointed out, is not only “environment friendly, but will also address the impending energy crisis and assures that electricity in Albay will be relatively cheaper.”