Marubeni Corp. of Japan has expressed interest in pursuing new power projects in the Philippines, including renewable energy, in the next two years, a company official said.
Masumi Kakinoki, senior operating officer of power projects and infrastructure division of Marubeni, told reporters that his company was pursuing renewable energy projects following the passage of the Philippines' Renewable Energy Law.
Kakinoki, however, noted that the Philippines still had enough power capacity to meet the demand.
"But if we have another opportunity like the privatisation of current assets held by the government, we may consider. But at this moment, we are now doing our best to manage our very big assets," the Marubeni official said.
He said the Philippines may need additional capacity when the world economy starts to recover.
Kakinoki said he expected the need for additional capacities to emerge in the next two years.
Marubeni holds a 50-percent stake in TeaM Energy, which operates the 700-megawatt Pagbilao and the 1,000- MW Sual coal-fired power plants. TeaM Energy also has a 20-percent stake in the 1,251- MW natural gas-fired Ilijan power plant in Batangas.
TeaM Energy president Federico Puno said Marubeni and partner Tokyo Electric were looking at investing in the renewable energy sector, especially hydroelectric projects.
"For Pagbilao, there is potential for small hydro but we don't know yet the potential for Sual," Puno said.
Marubeni has been in business in the Philippines for almost a hundred years, with investments in power, telecommunications, construction, industrial parks, food processing and general merchandise.
Marubeni earlier expressed interest to bid for the contracts of the Pagbilao and Sual power plants offered by Power Sector Assets and Liabilities Management Corp. but withdrew undisclosed reasons.
Marubeni also forged an agreement with Lopez-controlled First Gen Corp. to "seriously consider" investing up to 40 percent in Red Vulcan Holdings Corp., which is controlled by Energy Development Corp. Negotiations, however, have not progressed.
http://www.manilastandardtoday.com/?page=business2_june30_2009
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