The Philippine-headquartered Atlantic, Gulf and Pacific Company of Manila Inc. (AG&P Industrial) has ventured into the renewable energy sector and partnered exclusively with Cresphil Inc., Energy Stream Power Corp. and Royal Eijkelkamp in a project delivering geothermal power in Eastern Visayas.
The AG&P, which has Japanese and Kuwaiti shareholders, said the pact covers the objectives pursued under the sustainable use of geothermal energy by the Biliran II geothermal energy project.
Under the partnership, Cresphil Inc. and Energy Stream Power Corp. as project proponents, oversee all government permitting, procurement of requirements, planning and reporting in compliance with the rules, regulations and policies of the Department of Energy (DOE), Department of Environment and Natural Resources and permits of all local government units involved in this project.
“The partnership brings together our forward-looking vision for clean energy through increasing geothermal capacity in the Philippines and nearby regions. A stable source of renewable energy, with a small land and visual footprint, geothermal energy reduces the use of fossil fuels, producing minimal carbon dioxide and near-zero nitrous oxide and sulfur dioxide,” said Jose Silvestre Natividad, Cresphil chairman and chief executive officer.
Natividad said the Biliran II project will reduce reliance on foreign fossil fuels and create jobs translating to overall socio-economic progress in Eastern Visayas.
Carlos Ruiz, Energy Stream Power chief executive officer, said the Biliran project is in the pre-development stage but has an energy potential of up to 70 megawatts. The Philippines has installed geothermal capacity of 1,952 MW equal to 6.9 percent of the country’s 28,291 MW total power generation from all power sources as at end-2023
AG&P Industrial serves as technical partner and engineering, procurement and construction contractor.
Earlier, AG&P pursued the development of a liquefied natural gas terminal in Batangas.
