Chinese company plans 1,000 Megawatt wind power portfolio
from Malya.com.ph:
A Chinese company has partnered with listed semiconductor firm Greenergy Holdings Inc. (formerly MUSX Corp.) for the development of a 1,000 megawatt wind energy portfolio.
Greenergy said it and Tianjin Tianbao Investment and Development Corp. of China plan to spend $1.3 billion in 10 years for the planned 1,000 MW facilities, with priority going to investing up to $200 million for wind energy projects within the first two years.
They company said the initial project would have a capacity of 49.5 MW, composed of 33 units of 1.5 MW wind mills.
Greenergy said a joint venture company would be formed as the corporate vehicle for the investments.
The first project is scheduled to come on stream within a year after the joint venture vehicle is established.
The company said that it is also looking at other renewable projects such as biomass, solar, hydro, geothermal energy, but the priority for the first two years of the joint venture vehicle would be wind energy projects.
Greenergy was established to create, design, develop and manufacture specialty semiconductor products and to market and sell these products.
The Department of Energy has awarded 236 service contracts for renewable energy sites since the Renewable Energy Law was signed in 2008. Total investment that could come from the development of these RE contracts is placed at P87.72 billion.
The resources from these sites once developed are expected to generate about 2,823 MW.
About 384 renewable energy service contracts are pending approval by the DOE. Data show that the resources at the proposed project sites, once developed, could generate 6,046 MW.
