By Myrna M. Velasco
The subsidiary of listed firm Greenergy Holdings, Inc. is joining the fray on the hotly contested installation of liquefied natural gas (LNG) projects in the country.
The Tiu-led company, in a disclosure to the Philippine Stock Exchange, has noted that its board had given the green light on infusion of additional P100 million to its subsidiary Winsun Green Ventures, Inc.
The Filipino firm said the additional capital will be earmarked to “finance the latter’s green projects,” involving solar farm installations and LNG venture.
There had been no specific project blueprint unveiled yet by the company on its propounded LNG facility – whether it will be LNG import terminal or gas-fed power project.
Greenergy had long set its sights on energy sector investments – primarily in targeted wind farm installations – but these are among the ventures the company has yet to concretize on tangible megawatt-installations.
For the LNG venture, there is practically a race set forth by the government through the Department of Energy (DOE) – and Winsun Green Ventures’ planned LNG project has not been part of the four LNG project proposals announced by energy officials.
If it is a venture in LNG import terminal, it will need the approval of the energy department via a notice-to-proceed (NTP) issuance. But if it is a power plant project, it will just go through the traditional permitting and approval processes of relevant government agencies – and the project sponsor can also apply for certification as “energy project of national significance” as sanctioned under Executive Order 30.
In the country’s energy mix, the gas industry reset really has to find its way yet – although for many experts, it is the ideal for mid-merit capacity needs of the power system plus it will be the best complement to the targeted higher installations of renewable energy in the coming years as underpinned by the Renewable Portfolio Standards.