The Department of Energy (DOE) has awarded over a hundred renewable energy (RE) contracts to investors on Monday as part of its aggressive campaign to promote the use of these alternative sources of energy.

The DOE gave out 112 RE contracts and certificates to a number of proponents of biomass, geothermal, solar, hydro, ocean and wind energy. The projects will involve investments of at least $1.5 billion and would be able to generate 2,000 megawatts of clean power once on stream.

“[It] is expected that these investments will address not only requirements for additional power but address problems of climate change and at the same time drive the economy towards growth and development,” Angelo Reyes, DOE secretary, said.

The companies that received the RE contracts were AVGarcia Power Systems; Benguet Electric Cooperative Inc.; Century Peak Energy Cooperative; Energy Development Corp.; First Gen Bukidnon Power Corp; First Gen Mindana o Hydro Power Corp; First Gen Trans-Asia Renewable Energy Corp.; First-maxpower International Corp; HEDCOR; Luzon Hydro Corp.; Mindanao Energy Systems Inc; Northern Luzon UPC Asia Corp; Northpoint Wind Power; Oriental Energy and Power Generation Corp.; PNOC-Renewable Corp; Trans-Asia Renewable Energy Corp.; Hawaiian Philippines Co.; Lopez Sugar Corp.; Binalbagan-Isabela Sugar Miling; Central Azucarera Don Pedro Inc.; Sagay Central Inc.; Capiz Sugar Central Inc.; Roxol Bionergy Corp.; Sweet Crystals Integrated Sugar Mill Corp.; BASE-COM Inc.; Davao Sugar Central Co. Inc.; BUSCO Sugar Milling Co.; Cotabato Sugar Milling; Central Azucarera dela Carlota; Eurotiles Industrial Corp.; Asea One Power Corp.; San Carlos Bionergy Inc.; First Farmers Holding Corp.; Bataan 2020; Bacavalley Energy Inc.; and Hacienda Bio Energy.

The government is banking on the development of RE sources as a long-term solution to the country’s power supply requirements and as a catalyst to countryside development.

“With investments you have additional jobs, additional income, additional resources available for government for its infrastructure projects,” the DOE chief said.

The country’s current installed generating capacity is about 15,000 megawatts, bulk of which are still accounted for by conventional power plants that are blamed for the environment’s deteriorating state.

The government aims to hike RE sources’ share in power generation from 4,500 megawatts to 9,000 megawatts in 10 years.

To achieve this goal, the government passed the RE Act two years ago, granting fiscal and non-fiscal incentives to investors since most green power initiatives have been hampered by high investment costs compared to their fossil-fuel based counterparts and limited market.

Euan Paulo C. Añonuevo