Bantayan Island 5MW Solar Energy Project
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Transcript of Bantayan Island 5MW Solar Energy Project
Bantayan Island Solar Energy ProjectCebu, Philippines
A Proposal
Project PresentationTerm of Reference (TOR)
1
Table of Contents
Particulars Page Nos.
Cover Page 1
Table of Contents 2
What is Solar Energy? 3
How much Solar Energy? 4
Radiant Energy 5 - 6
Advantages and Disadvantages 7
Particulars Page Nos.
Solar Energy Potential Sites in the Philippines
15
Cebu Province Sun Path Diagram 16
Cebu, PhilippinesSunrise, sunset, dawn and dusts times table
17
Philippines and Cebu ProvinceChallenges and OpportunitiesChallenges and Opportunities
18 - 19
Advantages and Disadvantages 7
Project Description 8
Bantayan Electricity Cooperative(BANELCO)
9
BANELCO Electricity Rates 10
BANELCO Electricity Bill (For illustration purposes only)
11
Why in Bantayan Island? 12 - 13
The Provincial Government of Cebu 14
Challenges and OpportunitiesChallenges and OpportunitiesSolar Energy ProjectSolar Energy Project
The Feed-In Tariff Rules
National Electrification AgencyBANELCO in the NEA List that can issue PPA
20, 21, 22
23
Project Finance Strategy 24 - 25
Sequence of Events 26
References and Appreciation 27
Contact Us 28
2
What is Solar Energy?What is Solar Energy?
Originates with thethermonuclear fusionreactions occurring inthe sun.
Represents the entireElectromagneticradiation (visible light,infrared, ultraviolet,x-rays, and radiowaves).
3
How much Solar Energy?How much Solar Energy?
The surface receives about 47% ofthe total solar energy that reachesthe Earth. Only this amount isusable.
The Sun is 93 million miles away.
The tiny fraction of the Sun’s energyhits the Earth (~a hundredth of amillionth of a percent) is enough tomeet all our power needs and more.The sun provides more energy in anhour than the U.S. uses in a year.
We call the energy from the sun,Solar Energy.
4
Radiant Radiant EnergyEnergy(1)(1)
Under extreme pressure, and atextremely high temperatures, nuclei of atoms and their electrons can separate, forming plasma. In this extremely high energy state, nuclei can get close enough to each other tofuse. When they fuse, they release fuse. When they fuse, they release tremendous amounts of energy. Thisis what happens in the sun’s core.
The energy produced by fusion can bereabsorbed by other nuclei and re-released in future fusion reactions.Energy released in the core of the suncan take thousands of years to find itsway to the surface of the sun.
5
Radiant EnergyRadiant Energy(2)(2)
Once the energy has left the sun, it isradiated as electromagnetic radiationtoward space at a speed of 300 million meters per second, or 186,000miles per second. At that speed, the energy needs only 8 minutes to reachthe outer atmosphere of the earth 93million miles away.million miles away.
Once it reaches the earth, theincoming solar radiation, orinsulation, is absorbed and reflected.The greenhouse effect, a naturallyoccurring phenomenon, allows theenergy from the sun to remaintrapped near the earth’s surface,keeping the temperature of the earthin a comfortable range at night.Without the greenhouse effect, life onearth would be impossible.
6
Advantages and Disadvantages
AdvantagesAll chemical and radioactive polluting byproducts of the thermonuclearreactions remain behind on the sun, while only pure radiant energyreaches the Earth.
Energy reaching the earth is incredible. By one calculation, 30 days ofsunshine striking the Earth have the energy equivalent of the total ofEnergy reaching the earth is incredible. By one calculation, 30 days ofsunshine striking the Earth have the energy equivalent of the total ofall the planet’s fossil fuels, both used and unused!
DisadvantagesSun does not shine consistently. Solar energy is a diffuse source. Toharness it, we must concentrate it into an amount and form that wecan use, such as heat and electricity. Addressed by approaching theproblem through: 1) collection, 2) conversion, 3) storage.
7
5 MW Solar Energy Project5 MW Solar Energy ProjectBantayan Island, Cebu Province, PhilippinesBantayan Island, Cebu Province, Philippines
Project DescriptionProject DescriptionParticulars Description
Project Location Bantayan Island, Cebu Province, Philippines
Installed Capacity 5 MW
Technology Photovoltaic/Mono-Crystalline Silicon Panels/Single Axis Trackers/Lithium Ion Storage
Daily Storage Capacity +/- 2.5 MW
Annual Production 9,500,000 KWH
Off Taker Bantayan Island Electric Cooperative (BANELCO)Off Taker Bantayan Island Electric Cooperative (BANELCO)
PPA Duration 25 Years
Purchase Price To be determined
Annual Escalation Philippine and US Inflation Rate (A Price Escalation Formula will be pre-established)
Project Footprint +/- 12 Hectares
Distance from Interconnect 350 Meters
Engineering GRUPO COBRA, a wholly owned company of ACS of Spain
Utility Inter-Connect ABB (NASDAQ)/MITSUBISHI ELECTRIC
Accountant/Legal/Construction Divina Law Firm/Grupo Cobra
Cost Per Watt $1.91
Total Project Costs $9,550,000.00 (including cost of land)
Feed-In Tariff Approved for Solar PhP9.68/kWh effective in the January 2015 ($0.217)
8
Bantayan Electric Cooperative(BANELCO)
Overview:Bantayan Island Electric Cooperative, Inc.(BANELCO) has been serving the
Bantayan Island community since 1983.
Just like the other 118 rural electric cooperatives nationwide, the Bantayan
Island Electric Cooperative, Inc. (BANELCO) located at Balintawak,
Bantigue, Bantayan, Province of Cebu.
BANELCO derived its birth from the provisions of Republic Act 6038,
Presidential Decree No. 269, and by Republic Act 1645. As provided also inPresidential Decree No. 269, and by Republic Act 1645. As provided also in
the aforementioned laws, BANELCO exists primarily to effect total
electrification in its coverage area, on an area coverage basis.
BANELCO was registered with the National Electrification Administration
(NEA) on September 29, 1978, and granted franchise to operate an electric
light and power for a period of fifty (50) years, with Certificate No. III, from
August 15, 1984, in the areas comprising the three (3) municipalities.
With the release of its construction loan from the NEA in the amount of
P10,080,000, the ceremonial first pole erection was made in January of
1983. This signaled the start of the construction of the distribution lines.
Operation of BANELCO started with the energization of its backbone lines on
December 08, 1983, which also energized simultaneously the three
municipalities under its coverage area (Bantayan, Madridejos and Santa Fe)
and fourteen other barangays
9
BANELCO Electricity Rates(As of November, 2014)
10
Bantayan Electricity Bill(For illustration purposes only)
Item No.
Charges Rate/KHW in Pesos
Rate/KWH in US$
1. Generation System Charge 7.5602 0.17
2. System Loss Charge 0.7246 .02
3. Distribution Demand Charge
20.0000 0.45
4. Distribution System Charge
1.3651 0.03
5. Supply Retail End-User Charge
27.5600 0.62
6. Metering Retail Customer Charge
32.8500 0.74
7. Subsidy on Lifeline 0.0952 0.01
8. VAT on Generation Charge 0.9150 0.02
9. VAT on System Loss Charge
0.0877 0.01Charge
10. VAT on DistributionCharge
0.1200 0.01
11. VAT on Other Charges 0.1200 0.01
12. UC-Missionary Electrification
0.1163 0.01
13 UC-Environmental Charge 0.0025 0.000056
14. Prev. Yrs. Adj-P. Cost/UC SCC
0.1938 0.00435
15. SC Recovery 0.0023 0.000051
16. Transformer Rental/ Other Fee
17. Vatable/VAT
18. TOTAL11
Why in Bantayan Island?Basic Information
(1)
Overview:Country: PhilippinesContinent: AsiaName of the Municipality: Bantayan Region: Central Visayas (Region VII)Province: CebuTotal Land Area – 110.71 km2 (42.75 sq mi)excluding other islandsPopulation: 114,314 (as of 2010) excluding otherPopulation: 114,314 (as of 2010) excluding otherislandsEconomy: Fishing, agriculture and tourismLength: 16 Km (19 Miles)Width: 11 Km (6.8 Miles)Highest Elevation: 30 m (100 ft)Energy Production –Energy Consumption –Feed-In-Tariff by Solar PV –Independent Power Producer (IPP) in theIsland: Electric Cooperative: Bantayan ElectricCooperative (BANELCO)
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Why in Bantayan Island?Basic Information (2)
Small power projects are making a big difference in people’s lives,
especially in the remote islands of he Philippines.
The Philippine government is attracting private investment in off
grid power generation, which will provide reliable and cheaper
electricity to hundreds of thousands of people.
Renewable energy systems (RESs) have been promoted for rural
electrification as an answer to the growing energy needs of
communities while simultaneously satisfying environmental andcommunities while simultaneously satisfying environmental and
resource scarcity problems. These off grid systems however have
several challenges in the perspective of sustainability due to the
technically and financially weak recipients and users of the
projects. There is still, however, less detailed understanding how
the technical and economic aspects of the projects can properly
match the social aspects to promote sustainability.
The proliferation of micro grids in Asia Pacific has been encouraged
by the rural electrification programs in developing countries as well
as the establishment of commercial micro grids in developed
nations. "Rural electrification projects such as the 1000 islands
project in Indonesia, solar photovoltaic program in the Philippines,
and off-grid projects in Malaysia are promoting the market.
13
The Provincial Government of Cebu
Overview:Country: PhilippinesContinent: AsiaName of the Province: Cebu Region: Central Visayas (Region VII)Total Land Area – 110.71 km2 (42.75 sq mi)excluding other islandsPopulation: 2,619,362 (as of 2010) Population: 2,619,362 (as of 2010) Economy: Fishing, agriculture and tourismLand Area: 4,943.72 km2(1,908.78 sq mi)Number of Municipalities: 44Independent Cities: 3Component Cities: 6Economy: Fishing, agriculture, mining, tourism,and Center of Trade in the Visayas Region.recognized as the Queen City of the South and the largest City next to Manila
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Solar Energy Potential Sites in the Philippines
The Philippines position just above the equator does not provide her
with vast potential for solar energy applications. However, the
country's average solar radiation, based on sunshine duration, is
161.7 watts per square meter, with a range of 128 to 203 watts per
square meter. Further work on solar mapping is being undertaken to
determine the country's solar energy potential.
Accurate solar resource data is important for the proper sizing and
life cycle cost analysis of solar photovoltaic technologies. Knowledge
of the spatial distribution of the solar resource for various tilt angles
will allow for more cost effective design and operation of photovoltaicwill allow for more cost effective design and operation of photovoltaic
systems for meeting small, distributed loads.
In 2000, National Renewable Energy Laboratory (NREL) completed
a national assessment of solar resources of the Philippines. This
assessment combines existing ground measurement data collected in
the Philippines and the output of NREL’s Climatologically Solar
Radiation (CSR) Model. This model converts information on satellite-
and surface derived cloud cover data collected at a 40-km spatial
resolution to estimates of the monthly average daily total global
horizontal solar resource. This spatial resolution is generally much
higher than the spacing of ground stations, and therefore allows for a
more detailed analysis of the effects of microclimate variability on the
solar resource, and provides a more accurate interpolation of the solar
resource between ground stations.
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Cebu ProvinceSun Path Diagram
16
Cebu, PhilippinesSunrise, sunset, dawn and dusts times table
17
Philippines and Cebu ProvinceChallenges and OpportunitiesChallenges and Opportunities
Solar Energy Project
CRITICAL FACTORS IN PROJECT DESIGN
Designers of off-grid electrification projects are responsible for a range
of critical decisions that affect sustainability. These decisions include
technology choice, ensuring affordability, social safeguards and
environmental considerations, as well as taking advantage of
Opportunities to initiate and enhance productive activities and
institutional applications. Project designers must also consider ways to
use appropriate business models, determine necessary regulatory
actions, and explore opportunities for international co-financing.
Legal Framework (1):
The RE Regulatory FrameworkGovernmental bodies involved in oversight of the regulatory sector
– with impact on the renewable energy framework – include:
The Department of Energy (DOE) – created in 1992 under Republic Act No. 7638, responsible for preparing, coordinating and supervising all activities of the Government relating to energy exploration, development, use and actions, and explore opportunities for international co-financing.
Unlike fossil and wind energy resources, solar energy resources are
fairly evenly distributed in most densely populated areas. The main
metric for solar energy resources is the average annual “insolation” on
a horizontal surface, usually expressed in units of kilowatt-hours of
solar radiation per square meter per year. (Alternately, this value is
divided by 365 to express it in daily units.) At the lower end of the
range, low elevation, cloudy, northern (or southern) locations might
see only 2.5 kWh/m2 per average day (about 900 per year) while at
the other extreme higher altitude, clear desert locations near the
equator might see as much as 7.5 kWh/m2 per average day (about
2,700 kWh/m2 per year). Energy production from a PV facility is
proportional to insolation, so for any fixed-cost PV system, the price of
the electricity is inversely proportional to the insolation.
relating to energy exploration, development, use and conservation;
The ERC, created in 2001, to regulate sector participants;
The National Electrification Agency, primarily responsible for rural electrifications;
The National Renewable Energy Board (NREB), created by the 2008 Renewables Law consisting of a 15-person advisory board of government and private sector representatives;
The Board of Investments, under the Department of Trade and Industry, with the power to offer tax breaks and incentives to encourage investment in the sector
18
Philippines and Cebu ProvinceChallenges and OpportunitiesChallenges and Opportunities
Solar Energy Project
Another lesson learned during the permitting process is that
regulatory requirements intended for conventional power plants
are difficult and burdensome for solar power plants. For example,
regulations pertaining to air emissions, fuel transfer and storage,
and cooling water required discussions of all these issues along
with public notices and hearings for full adherence to the letter of
the law, even though the simple answer would seem to be “not
applicable” to a PV facility.
Legal Framework (2):In 2008, the Philippines enacted a comprehensive and ambitious
renewable law, Republic Act No. 9513, also known as the
Renewable Energy Act of 2008 (hereafter, the RE Act). The RE
Act includes mandatory purchasing of power from renewables, a
renewable energy certificate market as a subset of WESM,
preferential feed-in tariffs, a “green energy option” that allows
consumers to choose renewable sources and various other
incentives. With respect to the different market actors responsible for
renewable energy development, the RE Act provides :
Definitions:
'Feed-In Tariff' An economic policy created to promote active
investment in and production of renewable energy sources. Feed-
in tariffs typically make use of long-term agreements and pricing
tied to costs of production for renewable energy producers.
renewable energy development, the RE Act provides :
The DOE promulgates rules regarding the mandatory purchase of renewable energy, awards RE service contracts, formulates the National RE Plan, and registers RE participants;
The ERC sets rates, including feed-in tariffs for wind, solar, ocean, run-of-the river hydropower and biomass resources, as well as the pricing methodology for net metering;
The NREB sets the minimum percentage of renewable power for the renewable portfolio standards; assists the ERC in crafting and setting the FIT system regulations as well as in the setting the tariffs; and consults with the DOE on how to establish the green energy option and on the use of a Renewable Energy Trust Fund. The NGCP is responsible for the settlement and payment of the FITs for the Eligible RE Plants, and for this purpose, consolidates the information on physical sales of all Eligible RE Plants and the RE generation for the whole country, including off‐grids, and shares this information with relevant stakeholders.
19
The Feed-In Tariff Rules(1)
The FIT Rules came into effect after a lengthy public consultation and comment process. The regulator
posted its draft Rules for comment on its website in March 2010 and offered an open comment process. The
ERC approved the Rules in July. The FIT Rules provide for:
Guidelines as to how to establish FITs through a renewable energy charge to be collected from all consumers through the Feed-In Tariffs Allowance, or “FIT-All,” a uniform charge to be imposed on all electricity consumers based on their kWh consumption. The proceeds of the FIT-All go to a fund which National Grid Corporation of the Philippines (NGCP) will manage. This fund will provide payments to the renewable energy developers based on the FITs applicable to them and their actual energy deliveries into the system. The ERC is responsible for setting the FIT-All upon petition by NGCP;
A 15-year duration. Renewable energy developers are entitled to receive the FITs corresponding to the year it starts commercial operation for a period of 15 years. The ERC is reviewing requests from potential investors to extend this duration to 20 years.;
Annual Adjustments for cost of local inflation and foreign exchange rates. The ERC reviews and adjusts the FITs annually for the entire period of its applicability to allow pass-through of local inflation and foreign exchange rate variations, employing “a simple benchmarking indexation formula to apply to all technologies based on the applicable percentage sharing between local and foreign capital . . .” The ERC will publish these adjusted FITs annually and use them in the calculation of the FIT-All for the current year;
Technology-specific tariffs. Further differentiation based on peak or off-peak generation, or on plant size may be instituted by the ERC, subject to additional analysis by the ERC. Such differentiation would be linked to installation targets, which the NREB shall set for each technology.;
Degression rates. The ERC may subject FITs to a degression rate to account for the maturing of renewable energy technology over time. With respect to degression, the FIT rules provide: “To encourage the RE producers to invest at the initial stage and hasten deployment of RE, the FITs to be established by ERC shall be subject to a degression rate which it shall determine based on NREB's recommendation. The Eligible RE Plants shall be entitled to such degrease FITs corresponding to the year when they started commercial operation. The ERC may approve a different degression rate for different technologies.”
20
The Feed-In Tariff Rules(2)
FITs for self-generation. FITs shall be established for each generation plant exporting net excess electricity to the distribution or transmission network;
Reasonable Flexibility. While fixed, the ERC may review and re-adjust the FITs if/when: (1) the installation target per technology as defined by NREB is achieved; (2) the installation target per technology is not achieved within the period targeted; (3) there are significant changes to the costs or more accurate cost data become available that will allow NREB to calculate the FITs based on the methodology included in the annex; or (4) “other analogous circumstances that justify review and re-adjustment of the FITs.” However, the new FITs approved by the ERC may apply only to new RE projects. Eligible RE plants in commercial operation at the time of approval of the new FITs remain entitled to their existing FITs (although section 9.1 of the FIT Rules contains a general good cause exemption permitting changes to existing FITs when to do so “is found to be in the public interest and is not contrary to law or any other related rules and regulations”).any other related rules and regulations”).
Furthermore, the Rules state that the cost of the FIT will be passed on to transmission and distribution customers as a
uniform kWH rate to be listed separately on customer bills. NGCP is responsible for collecting FIT-All proceeds to ensure
payment to RE producers. A portion of the proceeds will be dedicated to a Working Capital Allowance for this purpose. In
cases of delay of payment or non-payment, ERC has the authority to impose penalties, including a surcharge of up to 20%
as well as monthly accumulated interest. NGCP may disconnect any customer defaulting on payment for a period of over
two billing periods.
The FIT may be reviewed on an annual basis based on petition from NGCP but the Rules allow for revision of the tariff
should funds in the Working Capital Allowance fall under 50% of the projected FIT-All proceeds. According to the Rules,
the FIT will be set based on “forecasted annual required revenue of the Eligible RE Plants; the previous year’s over or
under recoveries; NGCP’s administration costs; the forecasted annual electricity sales; and such other relevant
factors to ensure that no stakeholder is allocated with additional risks in the implementation of the FITs.”
21
The Feed-In Tariff Rules(3)
-In The FITs that NREB calculates and submits to the ERC for approval must conform to the Rules, except that the initial
tariff may be based on “a reference cost study for each technology based on a real candidate project or a hypothetical one
depending on the available information. The project to be chosen shall be representative of the average conditions of the
renewable energy plant operating in compliance or at par with applicable international technical standards and
practices for such technologies, and the pricing study shall consider also all non-price incentives in R.A. No. 9513.” The
FIT Rules provide that “the NREB shall propose the FITs taking into Tariff Rules account the expected MW capacity for
each technology that it shall set as installation targets and the number of years when this target shall be achieved. The
FITs shall cover the costs of the plant, including the costs of other services that the plant may provide, as well as the costs
of connecting the plant to the transmission or distribution network, calculated over the expected lives of the plant, and‐of connecting the plant to the transmission or distribution network, calculated over the expected lives of the plant, and
provide for market‐based weighted average cost of capital (WAC e) in determining return on invested capital.”
In summary, ERC has established a strong foundation for the FIT-All by creating a clear regulatory framework
supporting the mechanism and providing a detailed blueprint of the analysis to maximize benefits and minimize cost.
These guidelines allow flexibility in the implementation of the FIT while at the same time setting up a predictable
Regulatory environment that encourages investment in renewables.
22
National Electrification Agency(BANELCO is in the target lists that can issue PPA)
National Electrification Agency (NEA) list for the
target Philippine electric cooperatives (EC's) for
possible direct PPA (Power Purchase Agreement)
plays. The list is classified into two:
Main Priority List - those with solid creditrating and institutional health, 2015 expectedsupply contract deficiency (as per NEAnational data; this has to be verified on theground), and no solar RESC (Renewable Energyground), and no solar RESC (Renewable EnergyService Contract) application in the DOEindicating that another solar developer isinterested to develop a project in the area; And
Expanded Priority List - those with solid credit rating and institutional health, expected 2015 supply contract deficiency (as per NEA national data; this has to be verified on the ground), but includes those with solar RESC (Renewable Energy Service Contract) application in the DOE by other developers. To determine if these developers have a Power Purchase Agreement (PPA) contract with the EC, the EC must be contacted. These solar RESC's might be for the FIT play and not with a PPA concerning the EC.
23
Project Finance Strategy(1)
The development of the 5MW Solar Energy Project in Bantayan Island, Cebu Province,Philippines requires three types of financing as follows:
1. Pre-Development Financing:
Funds needed to finance so called “soft cost” is called pre-development financing. It isestimated that of the total project cost of $9,550,000.00 the total pre-developmentfinancing needed will be about $500,000. Of this amount the initial fund requirement isapproximately $250,000.00. The balance of $250,000.00 will be needed after theapproximately $250,000.00. The balance of $250,000.00 will be needed after thecompletion of the comprehensive feasibility studies.
Pre-development period – 12 monthsTotal amount required - $500,000.00
Day One ----------90th day-------------180th day--------------270th day------------360th day$100,000.00 $100,000.00 $100,000.00 $100,000.00 $100,000.00
The project has acquired site control from __________________ providing the land with a total requirement of about 15 hectares.
24
Project Finance Strategy(2)
2. Construction Finance:
Construction finance means funding needed toconstruct the project. The project cost in theamount of $9,550,000.00 is divided into two (2)components as follows:
A. DIRECT COSTS $7,387,500.00
Pre-development costs - $ 500,000.00
Item No.
Particulars Budgetary Costs
Estimates
A. Direct Costs $7,387,500.00
A1. Pre-Development Costs (including government Permits and Licenses)
$500,000.00
A2. Local Component Costs: $850,000.00Pre-development costs - $ 500,000.00Local Costs - $ 850,000.00Foreign Costs - $6,037,500.00
B. INDIRECT COSTS $2,162,500.00
C. TOTAL PROJECT COSTS $9,550,000.00
Construction Period - One and a Half (1 1/2) Years
25
A2. Local Component Costs: Materials/Labor Costs
$850,000.00
A3. Foreign Component Costs: Materials/
Equipments/Labor Costs
$6,037,500.00
B. Indirect Costs $2,162,500.00
B1. Overhead and Supervision $450,000.00
B2. Insurance Premiums and Bank Charges and
Incidentals
$850,000.00
B3. Land Costs, VAT and Other Taxes
$862,500.00
C. TOTAL PROJECT COSTS
$9,550,000.00
Sequence of Events
Item No.
Activities Remarks
1. Submission of Proposal to BANELCO and other appropriate government agencies to undertake a 5MW Solar Energy Project in Bantayan Island under the Build-Operate-and-Own (BOO)
2. Preparation of Pre-Development works including creation of a Special Purpose Entity (SPE) that will own the Project
3. Selection and Appointments of Project Development Consultants, engineers and Architectural FirmsConsultants, engineers and Architectural Firms
4. Negotiations with Investors/Creditors/Export Credit Agency and other Financing Institutions/Land Owner
5. Drafting and Executions of Contracts and PPAs with BANELCO and other Government Agencies.
6. Bidding and Awarding of Contracts to various Companies
7. Project Execution
8. Operation and Maintenance
9. Debt Servicing
10. “Ownership” of the Project to be sold to the Government or to private interest group
26
References and Appreciations
This “Project Presentation” is intended for presentation topotential investors and strategic partners. The objective is todevelop a 5MW Solar Energy Project in a designated site atBantayan Island, Cebu Province, Philippines.
A “comprehensive project feasibility studies” will be doneas soon as potential participants in this Project have beenidentified and all the Parties have executed a Memorandum ofUnderstanding (MOU).
Moreover, this document was made possible through thesupport of Global First Financial Partners, Inc. and otherpartners of Mr. Fernando M. Sopot.
Likewise, the author has recognized the importance ofreference materials used in this document such as but notlimited to NASA Public Information documents, the U.S.Department of Energy’s Solar Development, Department ofEnergy in the Philippines, Energy Regulatory Board, NationalElectrification Agency (NEA), BANELCO, World Bank, IFC andother sources of information that are relevant to thispresentation.
This “document” is subject to change without prior notice.
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Contact Us:
Contact Us:
Global First Financial Partners, Inc.108 Orchard Terrace, UnionNew Jersey 07083 U.S.A.
Attention: JOSE HERNANDEZChairmanP: 1.201.349.8336 P: 1.201.349.8336 E: [email protected] M. SOPOTPresident & CEOP: 1.908.463.9417E: [email protected] LEO CHANGProject AdvisorP: +63 9177049422E: [email protected]
VALUE CREATION ALTERNATIVEChristophe SchwoertzigCEO – Director GeneralFINANCIAL ADVISOR
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