LEGAZPI CITY – Some P15 billion in foreign investment has been set aside to pump prime the energy development prospects to make Albay among the national renewable energy capital of the country, a ranking official of a local electric cooperative said on Monday. Lawyer Rodolfo Bonafe, board chairman of the Albay Electric Cooperative (ALECO), said the investment fund would finance renewable energy projects within the next three to four years boosting the province energy development.

Bonafe said once implemented, the project would make the province the “national renewable energy capital” of the country. This is in line with Albay Gov. Joey S. Salceda energy development program for Albay. The province’s technical staff led by Salceda with funding institutions from the countries of Korea and South America are finalizing documents and agreements for the implementation of the multi-billion energy project in the province.

Bonafe expressed optimism that the project will be pursued after the foreign investors in a recent investment meeting signified their commitment to venture in this energy project. Salceda has continuously gave priority to potential energy resources such as geothermal, hydro and wind which are all abundant in the province, Bonafe said.

Salceda’s energy development is in line with the sustainable development efforts of the province with focus on climate change adaptation and disaster risk reduction measures. Among the renewable energy projects given emphasis include: the development of geothermal, hydro, wind, solar and ocean thermal energy in the towns of Tiwi, Manito and Cagraray island in Bacacay.

The province has been considered as one of the areas who has a huge green energy reserve in the entire Luzon region. Salceda in an interview said he is giving priority to renewable energy development since this is an environment-friendly project and it will also address the looming energy crisis brought about by El Nino or dry spell and lower the cost of electricity in Albay, including the whole Bicol peninsula.(PNA)
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Source: “Foreign firms bullish on Albay’s energy development”, Philippine News Agency. Accessed February 3, 2010