MANILA, Philippines - The Asian Development Bank (ADB) and Japan will fund feasibility studies on wind power projects of Alternergy Philippine Holdings Corp., a renewable power company, that could mitigate energy shortfalls in Southeast Asian nation.
The Philippines, which is currently unable to meet national energy demand, plans to double the installed generating capacity from renewable energy to 5,300 MW by 2030. It has only one wind power facility, the Northwind Bangui Bay plant in northern Luzon.
The Manila-based ADB said the grant of up to $630,000 was for three potential wind farm projects on Luzon island in the northern Philippines. Alternergy's projects could generate up to 150 megawatts if technically and financially viable, it said.
The ADB said development of renewable energy in the country has been relatively slow because of the high cost of feasibility studies and plant construction.
The grant will come from the Asian Clean Energy Fund under the ADB-administered Clean Energy Financing Partnership Facility.
Funded by Tokyo, the facility was established in 2007 to help improve energy security in the bank's developing member countries, and reduce the rate of climate change.