Power and energy projects registered with the Board of Investments (BOI) jumped by 2,800 percent to P122 billion in the first quarter this year as against P4.2 billion only in the same period in 2020.
According to BOI Managing Head Ceferino S. Rodolfo, the latest committed investment is the P1.22 billion 8-megawatt biomass power project of Mindoro Harvest Energy Co. Inc.
“ The power project, meanwhile, adds to the now growing power/electricity investments,” said Rodolfo.
According to Rodolfo, the Mindoro Harvest’s biomass project is expected for completion by end of 2022 with a commissioning date of January 2023.
Once operational, it will contribute to meeting the 26.8 MW uncontracted demand of Oriental Mindoro Electric Cooperative, Inc. (ORMECO) as it is currently increasing its efforts in addressing the power supply shortage within its coverage area. ORMECO has also scheduled the bidding for its 30 MW power supply with a 15-year contract duration from March 2022 to March 2037.