FIRST Philippine Holdings Corp. (FPHC) said it will aggressively double its wind power capacity in the next three years to help the country reduce its reliance on coal-fired plants.
On the sidelines of the company’s annual stockholders’ meeting on Monday, FPHC president and chief operating officer Francis Giles Puno said the company will be spending about $450 million to double its wind capacity from the existing 150 megawatts (MW) to 300 MW.
“One megawatt costs between $2.5 million and $3 million, so we are going to spend about $450 million for doubling our capacity. That is just the same amount we have spent for our existing 150-MW wind power facility,” Puno said.
He said the expansion project will start immediately the moment FPHC’s subsidiary Energy Development Company’s (EDC) application for feed-in tariff (FIT) is approved by the government.
Feed-in tariff, or FIT, is a set of incentives granted to renewable energy investors in the country.
At present, the holding firm operates a 150-MW wind power facility located in Ilocos Norte through its unit, EDC Burgos Wind Power Corp.
“We aim to double it in the next three years,” he said.
Puno noted that the move to expand their renewable energy footprint in the country is part of FPHC’s objective to encourage other energy-related firms to do away with coal-fired power plants, which have high carbon emission and are therefore harmful to the environment.
“For the record, FPH and its subsidiaries will not build, develop, or invest in any coal-fired power plant. I am certain that without having to look too far, this country already has energy alternatives that do not mortgage the future of our children and the future of our planet,” Federico Lopez, chairman and chief executive officer of FPHC said.