April 7 (Renewables Now) - Philippine conglomerate San Miguel Corp (PSE:SMC) plans to invest in a 1.2-GW ocean tide power project, the Manila Times reported this week, citing the company's president.
Speaking to reporters last week, Ramon Ang unveiled plans for some USD 33.6 billion (EUR 31.6bn) in investments in three projects. These include an oil refinery and an integrated steel mill, each with a price tag of about USD 15 billion, and an ocean tide project.
Ang was cited as saying that the group has been studying the ocean energy project for a long time and foreign consultants have been involved. According to him, the cost of the ocean tidal technology is USD 3 million per MW, which makes about USD 3.6 billion for the contemplated capacity of 1.2 GW. Ang also said that about 18 GW of ocean tidal capacity could be built in the Philippines.
The company is yet to submit documents for the project to the Board of Investments and the Department of Energy.
(USD 1.0 = EUR 0.939)