PHILIPPINE firm H&WB Asia Pacific Corp. and Sabella SAS of France, a global leader in the marine energy industry, have firmed up a partnership to build the first tidal energy project in the country. “The partnership we have is a joint development with Sabella. The San Bernardino Ocean Power Co. is 60 percent owned by H&WB, a Filipino company, then 40 percent by Sabella,” H&WB General Manager Kit Buenaventura said in a briefing on Thursday. “We intend to fund the project on a 30-percent equity and 70-percent debt [basis]. Right now, we are reaching out to financial institutions and in talks on how they could come either on equity or debt,” Buenaventura said. “Meantime, they are waiting for us to give them our financial model, which we are working on right now,” he added. The undertaking has an estimated cost of $25 million for the entire project, which includes three turbines, plus the transmission and the storage systems. Before the project can be pursued, however, it needs a power supply agreement (PSA) so that it can get financing from the banks. “They [banks]require PSAs so we are now in talks with Norsamelco, the distribution utility of Capul, Northern Samar Electric… Read full this story
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