Connect with us

Hi, what are you looking for?

Economy

Energy dep’t to award hydro, geothermal contracts in April

THE Department of Energy (DoE) targets to award the contacts for geothermal and hydropower projects under the third round of its open competitive selection and bidding process, or OCSP3, by April 14, it said in a detailed timeline released on Tuesday.

“Aside from the timelines, we were able to provide details of the Pre-Determined Areas or Offered Areas and the guidelines and procedures including evaluation criteria,” Mylene C. Capongcol, director of the DoE’s Renewable Energy Management Bureau (REMB) said in an e-mail to BusinessWorld.

The renewable energy (RE) contracts for OCSP3 are expected to be signed by Energy Secretary Alfonso G. Cusi in the second week of April.

The launching and pre-submission of bids started on Tuesday, marking the beginning of the selection and bidding process.

The criteria for evaluation, as presented in the launch and pre-submission conference on Tuesday, said that RE applicants must submit legal documents, a work program, technical and financial qualifications.

Some of these were given a weight percentage. The work program — which consists of a literature review and resource exploration, strategies and methodologies — made up 40% of the evaluation.

The technical qualifications, which include details about the company’s performance, qualifications and technical resources, stood at 20%. Meanwhile, the financial qualifications, which consist of an available working capital, sources of current funds and other sources of future funds, took up 40%. Legal documents are on a pass or fail basis.

The DoE also listed a number of requirements that aspirants from different sectors must submit before moving to the opening of bids on Feb. 15.

Individuals or proprietors are required to furnish the agency with a Philippine Statistics Authority-issued birth certificate, business permit, a Department of Trade and Industry (DTI) registration if possible and a special power of attorney to negotiate and enter in an RE contract with the DoE.

Cooperations, joint ventures, consortiums, and cooperatives must submit by-laws and articles of incorporation, a board resolution authorizing a representative to negotiate and enter into an RE contract with the DoE, an updated general information sheet of the firm and its corporate stockholders, a business permit and organization chart.

Local government units are required to submit a council resolution approving the proposed project and authorizing its representative to negotiate and enter into an RE contract with the DoE.

Jeffrey G. Sayco, science research specialist at the DoE’s Geothermal Energy Management Division, said that applicants must also submit a passport ID or any valid government-issued ID of the authorized representative.

The technical requirements for interested bidders include: a work program, the company’s experience or track record, curriculum vitae of key management and personnel, curriculum vitae of technical consultants, and the list of existing company-owned and leased equipment.

The DoE also listed down the financial requirements that prospective bidders needed to submit. These include the latest annual report and/or audited financial statements (FS) for the last two years from filing date, a bank certificate to substantiate the balance in the FS, and projected cash flow statements for the next two years.

The agency said that those who wish to invest in geothermal and large hydro resources should submit projected cash flow statements for the next five years.

OCSP3 allows for 100% full foreign ownership for large-scale geothermal projects. Earlier, DoE-REMB’s Ms. Capongcol said that three out of five predetermined geothermal areas were open to full foreign ownership. These are Mt. Labo, Daklan, and Puting Lupa geothermal projects, which have a total potential capacity of 74 megawatts.

Last month, Mr. Cusi said that the agency had yet to receive applications from foreign investors interested in geothermal and biomass projects. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

TikTok is expected to ride out the advertising slowdown, as the Chinese-owned social media titan becomes an outlier to the wider industry slowdown. According...

Investing

The average start-up loan has fallen over 138 percent in the past year to just over £142k, from £339k in 2021. Thats according to...

Investing

The government risks “sleepwalking” into a food supply crisis unless it provides crucial support for British farmers struggling with the soaring cost of fuel,...

Investing

Britain’s retailers benefited from a November sales boost fuelled by Black Friday discounts and colder weather as consumers bought winter coats, hot water bottles...

Investing

The biggest sector of the economy remained in a downturn last month as new orders continued to fall owing to the cost of living...

Economy

1 of 2 AFTER all their hard work in topping a difficult group and matching the Croatians for 120 minutes, Japan crumbled in the...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.