Greenworld Wind Supreme Power Reports on Finalization of Feed-in Tariff Rates Jul 30, 2012 Long Awaited Feed-in Tariffs (FITs) established by the Philippine Energy Regulatory Commission (ERC)
Road Town, Tortola, British Virgin Islands - (For immediate release) - July 27, 2012
Greenworld Wind Supreme Power Co. Ltd. (Greenworld Wind), Deutsche Börse symbol: GW9, (www.greenworldwind.ca), is pleased to report that the FITs for Hydro, Biomass, Wind, Solar have now been set by the ERC. These rates establish the price that will be paid for energy produced by different types of renewable energy. There have been a number of delays in announcing these rates while the relevant government departments (The National Renewable Energy Board and ERC) struggled to find the most appropriate rate that balanced the need for affordable electricity rates for residential and commercial customers, while ensuring adequate financial returns to the developers and operators of these projects.
The Company has interests in both hydro and wind power projects, through investments with and Crestford View Generation Corp. Philcarbon, Inc, respectively. The rates have been set as follows:
APPROVED FITS (PhP/kWh)
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HYDRO 5.90
BIOMASS 6.63
WIND 8.53
SOLAR 9.68
The ERC adopted an equity Internal Rate of Return (EIRR) of 16.44% on Renewable Energy projects that qualify for inclusion in this framework.
The Company's operating partners are pleased that the rates have finally been determined, and with the rates themselves, allowing them to begin to adjust their financial modeling based on definitive FITs, rather than their more conservative estimates.
The Company will provide further updates as they become available. |
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