Based on a study conducted by the Mindanao State University (MSU), the Philippines’ potential theoretical capacity for ocean energy is estimated to be about 170,000 MW. In addition, a Green Technology Philippines market study found a theoretical capacity of 170 GW of electricity generation capacity over a 1,000-kilometer ocean resource area.
Key Players
The Cabangan Ocean Thermal Conversion Project in Zambales Province was awarded to the Bel Pirie Power Corp, a power generation company based in the United Kingdom. French firm SABELLAS and Filipino company H&WB Asia Pacific (Pte Ltd) Corp. are putting up the first ocean tidal power plant project in Sorsogon Province.
Oceantera is a joint venture between Singapore-based Ocean Pixel and UK-based Aquatera associated with the development of a tidal energy project in the San Bernardino Strait.
Local companies Poseidon Renewable Energy Corporation and Adnama Power Resources Corporation are currently in the pre-development stage of ocean energy projects.
Ideal Locations
The Department of Energy has identified the following prospective sites that can be developed by interested investors to produce the much-needed additional power capacity using ocean energy resources.
Ocean thermal energy sites: San Vicente, Ilocos Sur; Agno, Pangasinan; Palauig, Zambales; Mananao, Mindoro; San Jose, Antique; Manukan, Misamis Occidental; Omosmarata, Basilan; Palaui Island, Cagayan; Dijohan Pt., Bulacan; Mascasco, Masbate; Batag Island, Northern Samar; San Francisco, Surigao del Norte; Lamon Pt., Surigao del Sur, and Lacaron, Davao del Sur.
Ocean tidal energy sites: the Hinatuan Passage, Bohol/Taliban Strait, Surigao Strait, Gaboc Strait, Basiao Channel, San Bernardino Strait, Basilan Strait and San Juanico Strait
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Key Statistics
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Incentives
- Income tax holiday
- Exemption from duties on renewable energy machinery and materials
- Zero percent value-added tax rate
Want to talk?
Request a free consultation with one of our investment specialists today.
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