The Philippine Department of Energy recently signed US$1.5 billion worth of renewable energy contracts, signifying continued confidence in the emerging renewables industry.
The DOE signed 68 mini-hydroelectric, 5 geothermal, and 17 wind energy contracts amounting to US$1 billion, the Department of Energy reported. For biomass projects, the DOE approved 22 service contracts amounting to about US$500 million.
The new contracts signed on hydropower, geothermal and wind projects will generate about 2,000 megawatts of electricity, government reports indicate.
The DOE, through its Renewable Energy Management Bureau, signed the Renewable Energy Service Contracts (RESCs) in a follow up to the two signings held on Sept. 14, 2009 and Oct. 23, 2009 with seven contracts (US$983 million) and 87 contracts (US$2 billion) respectively.
With the passage of the RE bill in December 2008, the DOE expects to raise around US$9 billion to US$10 billion from renewable energy projects in the next 10 years. The DOE said this target will effective raise the RE sources capacity to 9,000 MW or double the existing 4,500 MW.
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