26 February 2010 in Dow Jones Newswires

Global Green Pledges To Speed Up Projects Amid Power Shortage

Amid the threat of a power shortage in the Philippines, Global Green Power Plc Corp. has committed to accelerate the construction of three renewable energy projects that would add a combined capacity of 87.5 megawatts.

The three projects, estimated by the company to cost PHP11.5 billion ($249.4 million), will help raise the current nationwide available capacity of 8,130 megawatts closer toward meeting national demand that could peak at 9,043 megawatts, according to data from the National Grid Corp. of the Philippines.

Construction of the projects are going "full speed ahead," Chief Executive Stephen Waterfield told reporters Monday, without giving a specific time frame for the completion of the projects.

Waterfield was referring to the Green Power Panay project with 35-megawatt capacity; Green Power Nueva Ecija with 17.5 megawatts; and Green Power Bukidnon, also with a 35-megawatt capacity.

"We are in the process of awarding our equipment and EPC (energy performance certificates) contracts for...(these) three projects before the end of March and our first Panay project is already under construction," Waterfield added.

On Monday, the National Grid Corp. said the Philippine capital will suffer two-hour rotating brownouts following the shutdown of two major power stations that were hit by operational problems.