The Aurora Pacific Economic Zone and Freeport Authority (APECO) on Thursday has signed an investor’s agreement with Pacific Impact Development Pte. Ltd. (Pacific Impact).
Pacific Impact, a Singapore-based energy company, intends to establish a renewable energy (RE) project with an estimated investment of $25 million.
Darwin F. Deato, Pacific Impact Philippines vice president, said his company selected Pacific Impact’s development team on the basis of its delivery on Wininvestment for more than 70GW from their previous projects in various countries, including Indonesia, Vietnam, Cambodia, Laos, Singapore and the Philippines.
Its team has also played key roles in the completion of several RE projects in the country, which include the utility-scale and off-grid solar power projects in Batangas, Busuanga, Occidental Mindoro and Tawi-Tawi.
The company likewise has an existing Wind Energy Service Contract (WESC) awarded by the Department of Energy for a project being developed in Albay.
The wind project is part of the renewable energy projects currently being prioritized under the National Renewable Energy Plan (NREP 2020-2040).
“The entry of Pacific Impact into APECO is a vote of confidence not only in APECO’s current business development direction but, more importantly, in the area of Casiguran, Aurora. The possibilities for the development in the economic zone are endless — tourism, clean energy, agri-aqua and manufacturing, to name a few, are some of the industries that have been identified to benefit from our strategic position,” APECO president and CEO Atty. Gil G. Taway IV said, on why Pacific Impact chose APECO.
This news article, authored by Jing Villamente, was first featured on Daily Tribune on 17 May 2024. To continue reading, please visit the original publication on this link.