Philippines' MMPC to spend USD 120m on renewable energy projects
Dec 12, 2011 - Philippines' Montalban Methane Power Corp (MMPC) has earmarked an investment of more than USD 120 million (EUR 90m) as part of an effort to diversify into hydro, wind and solar power, The Philippine Star reported on Monday, citing the company's president.
Peregrino Fernandez said the projects would depend on the government approving the feed-in-tariff (FiT) on renewable energy and added that in the meantime the company will focus on hydropower as it does not require a FiT.
MMPC, which operates a methane power plant in Rizal, looks to start building a USD-30-million, 9-MW run-of-river hydroelectric project in Samar by March 2012. It also plans to break ground on a USD-80-million, 25-MW hydropower plant in Agusan in partnership with an unnamed foreign partner by February 2012. The company is further planning a USD-12-million, 4-MW hydropower project in Rizal.
In addition, MMPC is looking to build a 60-MW wind project in Luzon and considering the potential of setting up solar power plants in Batangas, Pangasinan and Rizal with a combined capacity of 50 MW.