AT LEAST US$300 million is being earmarked by Trans-Asia Oil and Energy Development Corporation for its wind power projects.
Francisco Viray, Trans-Asia president, said they plan to construct 10 wind projects with a total capacity of 123 megawatts (MW). The contracts were awarded by the Department of Energy (DOE).
He added that the 10 wind power projects if completed would give them a total of 400-MW total wind power projects.
The projects will includes the 26 MW in Paracale and Vinzons in Camarines Norte; 9 MW in Silang, Cavite; 9 MW in Bauan and San Luis, Batangas; 19 MW in Calatagan, Batangas; 10 MW in Infanta, Quezon; 9 MW in Calauag and Lopez, Quezon; 10 MW in Calauag, Quezon; 9 MW in San Joaquin, Iloilo; 10 MW in Dumangas, Iloilo, and 12 MW in Anda and Guindulman, Bohol.
Viray said that together with their subsidiary Trans-Asia Renewable Energy Corp. (Tarec), the company now has a total of 20 service contracts for wind power projects.
Earlier, Tarec plans to invest more than US$ 560 million in the other 10 power projects, whose service contracts were awarded in October 2009 with a combined capacity of 227 MW.
Viray further disclosed that Tarec is in talks with both local and foreign partners for the 400-MW wind power target which is estimated to cost US$1 billion.
“After DOE's approval and awarding of the contracts for all its proposed wind sites, Tarec will then have to finish its proposed work program within a span of three years,” he told reporters.
Also, Viray said they are now wrapping up their feasibility study for the 54-MW San Lorenzo wind project in Guimaras as well as the terms of reference for the bidding of the engineering and construction activities.
While he decline to give names of their target partners, he said talks are now ongoing.
Viray said they hope to start the construction next year and complete it within two to three years.
Trans-Asia also operates the 3.4 MW Bunker C-fired power plant in Jordan, Guimaras and the 52 MW power plant that supplies the requirements of Union Cement Corp. in Bulacan and La Union.
The company also owns a 21 MW diesel plant located at the Carmelray Industrial Park II, Calamba City, Laguna.
Trans-Asia is the power arm of the property developer Phinma group. It is also listed at the Philippine Stock Exchange. (MSN/Sunnex)