APECO locator eyes $25-M RE dev’t

The Aurora Pacific Economic Zone and Freeport Authority (APECO) on Thursday has signed an investor’s agreement with Pacific Impact Development Pte. Ltd. (Pacific Impact).

Pacific Impact, a Singapore-based energy company, intends to establish a renewable energy (RE) project with an estimated investment of $25 million.

Darwin F. Deato, Pacific Impact Philippines vice president, said his company selected Pacific Impact’s development team on the basis of its delivery on Wininvestment for more than 70GW from their previous projects in various countries, including Indonesia, Vietnam, Cambodia, Laos, Singapore and the Philippines.

Its team has also played key roles in the completion of several RE projects in the country, which include the utility-scale and off-grid solar power projects in Batangas, Busuanga, Occidental Mindoro and Tawi-Tawi.

The company likewise has an existing Wind Energy Service Contract (WESC) awarded by the Department of Energy for a project being developed in Albay.

The wind project is part of the renewable energy projects currently being prioritized under the National Renewable Energy Plan (NREP 2020-2040).

“The entry of Pacific Impact into APECO is a vote of confidence not only in APECO’s current business development direction but, more importantly, in the area of Casiguran, Aurora. The possibilities for the development in the economic zone are endless — tourism, clean energy, agri-aqua and manufacturing, to name a few, are some of the industries that have been identified to benefit from our strategic position,” APECO president and CEO Atty. Gil G. Taway IV said, on why Pacific Impact chose APECO.

Taway said APECO “copied verbatim” president Ferdinand Marcos Jr.’s thrust of securing Energy Security, National Security and Food Security, by encouraging investors to pour their capital at the eco zone.

Pacific Impact, on the other hand, declared that it has identified APECO as a potential clean energy hub and is keen to undertake exploratory studies on solar, wind, and tidal power facilities in the area.

Inspiring vision

These possibilities, along with the inspiring vision and determined goals that the APECO administration has set for themselves, are what convinced Pacific Impact to invest in APECO as the next location of their growing energy portfolio in the Philippines.

“As Pacific Impact expands its presence into the northeast region of the Philippines, we recognize the immense potential for renewable energy development in the area. Our partnership with APECO, and its new administration, signifies a commitment to leveraging our international expertise to bring forth sustainable development practices, including robust ESG standards. By prioritizing environmental and social considerations, we aim to foster inclusive growth and responsible development. This collaboration marks a significant step towards realizing a future where economic progress harmonizes with environmental and social well-being,” Deato said, highlighting the company’s vision for the APECO region.