SUBIC BAY FREEPORT - The Subic Bay Metropolitan Authority (SBMA) has signed an agreement with Jobin-SQM, Inc., an all-Filipino corporation, for the establishment here of a $200-million renewable energy facility that will produce electricity from both solar and wind power.
SBMA Chairman Roberto Garcia and Jobin-SQM, Inc. President Nancy Tan signed an agreement reserving an 800-hectare property on Mt. Sta. Rita where the firm eyes to produce 20-megawatts (MW) 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 proposal is in line with Republic Act No. 9513, otherwise known as the Renewable Energy Act of 2008, which aims to accelerate the exploration and development of renewable energy resources, increase utilization of such and promote their efficient and cost-effective commercial application, and effectively prevent or reduce harmful emissions protecting health and the environment.
The national government has declared the development and promotion of renewable energy as among its priority projects under the Investment Priorities Plan of 2012.
Garcia said Jobin has successfully satisfied the requirements set by the Department of Energy (DoE) in line with its intention to develop the solar and wind power project and has signed a Memorandum of Agreement (MOA) with the SBMA for the reservation of the project site prior to signing a lease agreement.
Thomas Garcia, Jobin-SQM Inc. stockholder, said the firm is keen on developing the Subic project, which is expected to turn on power by June 2016.
"Subic, we believe, is a progressive place and there's a lot of potential. I like Subic," Garcia added.
The renewable energy project has been in the pipeline since 2011 when Jobin entered into a joint venture agreement (JVA) with Hydrochina International Engineering Co., LTD. (HIECL) for the development of the said project.
Hydrochina Subic LTD Corp., which is the Filipino counterpart of HIECL, has been tapped to undertake the Subic project.
Meanwhile, HIECL will be in charge of the technical aspect of the project, including engineering, procurement and construction. (30)