The Aurora Pacific Economic Zone and Freeport Authority (APECO) signed an investor’s agreement with Pacific Impact Development Pte. Ltd., a Singapore-based energy company, for a renewable energy (RE) project with an estimated initial investment of $25 million for the first phase alone.
The initial investment is planned to generate 25 megawatt of clean energy from 25 hectares of land.
Pacific Impact has identified APECO as a potential clean energy hub and is keen to undertake exploratory studies on solar, wind, and tidal power facilities in the area.
Pacific Impact has selected APECO as one of the ideal locations to expand its renewable energy portfolio in the Philippines, identifying the area’s good potential for developing RE.
Pacific Impact’s team has played key roles in the completion of several RE projects in the country, which include the utility-scale and off-grid solar power projects in Batangas, Busuanga, Occidental Mindoro, and Tawi-Tawi. Pacific Impact also has an existing Wind Energy Service Contract awarded by the Department of Energy for a project being developed in Albay. The wind project is part of the RE projects currently being prioritized under the National Renewable Energy Plan.
Pacific Impact’s development team has delivered on investment for more than 70GW from their previous projects in various countries, including Indonesia, Vietnam, Cambodia, Laos, Singapore, and the Philippines.
“As Pacific Impact expands its presence into the northeast region of the Philippines, we recognize the immense potential for renewable energy development in the area. Our partnership with APECO signifies a commitment to leveraging our international expertise to bring forth sustainable development practices, including robust ESG (environmental, social, governance) standards. By prioritizing environmental and social considerations, we aim to foster inclusive growth and responsible development,” said Darwin Deato, Philippine country head of Pacific Impact.
