Amarisenergy Inc. (Amaris) is leasing a 100-hectare property at the Aurora Pacific Economic Zone and Freeport in Casiguran, Aurora to jumpstart the renewable energization of the area, which has the highest power rates in all ecozones in the country.
Gil Taway IV, APECO president and chief executive officer of Aurora Pacific Economic Zone and Freeport Authority (APECO) and Antonio Manahan Jr., Amaris president, on Monday signed in Quezon City a Letter of Cooperation to explore the construction of an energy power plant utilizing renewable energy (RE) technology enabled by the natural resources available in the area.
Taway said APECO has identified the possible site in the agro-industrial portion of the Freeport.
He said aside from the lease, one of the provisions in the contract to be signed with Amaris is on revenue sharing.
Manahan said the project will start with 3 megawatts using solar with plans to use other RE sources like floating solar and tidal.
Manahan said Amaris will pool capital from local and foreign sources to finance the project and scale it up depending on the findings of studies on the coverage of the contract including the affordability of the power rates for locators.
Locators pay P15 to P21 per kilowatt hour, which Taway said is a big turn off to would-be investors.
Taway said the ecozone currently sources power from the Aurora Electric Cooperative.
He said APECO anticipates the connection by June of the ecozone to the grid which will provide stable power to locators.
