MANILA, Philippines - Local firm Jobin SQM Inc. is setting up a $200-million renewable energy facility in the Subic Freeport Zone.
Subic Bay Metropolitan Authority chairman Roberto Garcia and Jobin-SQM president Nancy Tan have signed an agreement for the lease of an 800-hectare property on Mt. Sta. Rita where the facility will be built.
Jobin SQM intends to produce 20-megawatts of solar energy and 50 megawatts of wind energy.
Garcia said the project was formally committed during President Aquino’s state visit to China in September 2011.
The project has been in the pipeline since 2011 when Jobin entered into a joint venture agreement with Hydrochina International Engineering Co. Ltd. (HIECL).
Hydrochina Subic Ltd. Corp., the Filipino counterpart of HIECL, has been tapped to undertake the Subic project.
HIECL, would be in charge of the technical aspect of the project, including engineering, procurement and construction.
The government is promoting the development of renewable energy projects.
Republic Act No. 9513 or Renewable Energy Act of 2008 aims to accelerate the exploration and development of renewable energy resources, increase utilization of such as well as promote their efficient and cost-effective commercial application.
Renewable energy has also been listed as a mandatory activity in the government’s latest investment promotions blueprint, the Investment Priorities Plan for 2013. – With Ric Sapnu