24 March 2010 in www.yourindustrynews.com

Poyry signed EUR 46 million contracts for renewable energy projects in Philippines

Pöyry has been awarded EPC contracts for turnkey delivery of two renewable energy power plants in the Philippines to the subsidiaries of Global Green Power PLC Corporation, Philippines. Pöyry has also signed a Letter of Intent for a potential third plant.

The value of the contracts now signed is about EUR 23 million for each of the power plants. The contracts will become effective when the financial close for each project has been achieved. The projects will be booked into the order stock after the final closure, which will be communicated subsequently.

The contracts include the engineering, procurement and construction of two 17.5 MW multi-fuel biomass plants at two separate locations; Mina Iloilo and Nueva Ecija in the Philippines with the third 35 MW plant in Bukidnon. The power plants will use agricultural waste as fuel, deliver significant employment and help address the power crisis currently being experienced in the Philippines. The biomass power plants are to be built to strict environmental standards, in accordance with the latest World Bank and International Finance Corporation recommendations.

Pöyry has successful experience in conducting small to mid-size turnkey power plant projects especially in the developing countries. Renewable energy is increasingly becoming a choice when new power plants are planned. Contributing to climate change mitigation with sustainable solutions for energy production is in line with Pöyry’s ambition for being a thought-leader in engineering balanced sustainability